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Course Information
Course No:
9510321
Course Name:
Earned Income Tax Credit - 2021
Field of Study:
Taxation
Course Material:
Online Material
Program outline:
The Earned Income Credit (EIC) is a refundable tax credit that has a significant impact on United States revenue. In fact, EIC claims in any year generally total more than $68 billion.
EIC claims are also increasing in both number and amount . In the ten year period ending in 2016, the number of EIC claims increased from 24.6 million to 27.4 million, an increase of 11.4%. Not only had the number of claims for EIC increased over the period, the average credit per family also increased by 23.5%, from $1,974 at the beginning of the period to $2,437 in the year the 10-year period ended. The combination of an increased number of EIC claims coupled with an increase in the average credit caused the total amount of EIC claimed to climb by 33.8% over the period from $48.5 billion to $64.9 billion .
In a recent year, 150.3 million individual federal tax returns were filed, and 27.4 million—18.2% of individual taxpayers—claimed the Earned Income Credit. Based on that percentage, it would not be unexpected that approximately one taxpayer in every five may claim the EIC.
Learning objectives:
After completing this course you will be able to:
- Apply the earned income credit rules to determine if a taxpayer is eligible for the tax credit;
- Identify the common errors committed in connection with the earned income credit;
- Describe the consequences of the IRS’ disallowance of the earned income credit; and
- Recognize the tax return preparer’s EIC due diligence requirements.
Program level:
Overview
Prerequisites:
General understanding of federal income taxation.
Advance preparation:
None
Type of delivery method:
Self Study
Recommended CPE credits:
4
Final examination expiration date:
The program participant will have one year from the date of purchase to complete the course and final examination.
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