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Earned Income Credit for 2022 Tax Returns: Provisions, Latest Changes and Penalty Avoidance

Earned Income Credit for 2022 Tax Returns

The earned-income credit (EIC) is a refundable tax credit used to supplement the wages of low-income workers and help offset the effect of Social Security taxes. It helps certain U.S. taxpayers with low earnings by reducing the amount of tax owed on a dollar-for-dollar basis. If you fulfil the eligibility criteria, you can use the credit to reduce your owed taxes and likely increase your refund. Taxpayers may be eligible for refunds if their tax credit exceeds their tax liability for the year.
 

Tax returns filed by tax preparers that include the earned income tax credit (EIC), a refundable income tax credit for working individuals and families whose earnings are under a certain income threshold, are commonly audited by the IRS and subject to additional due diligence requirements. To avoid being penalized by the IRS, it’s important to correctly calculate and claim this credit.
 

Join us on Compliancevent this November to learn about EIC qualifications. Learn how you claim the EIC and if your state has an EIC. Review with us the income and Taxpayer Identification Number requirements.
 

You will learn about the eligibility criteria for a qualifying child and get familiar with the rules for everyone including individuals with no children and are the requirements for tax preparer due diligence. We will also discuss the recent developments. Register now!

 

 

What You will Learn

-Provisions related to EIC
-Changes in the Earned Income Credit for 2022 Tax Returns
-Provisions regarding maximum adjusted gross income to qualify for EIC
-How to calculate EIC to avoid any penalization from IRS

 

 

Who will Benefit

-CPAs
-Enrolled Agents
-AFSPs
-Tax Firms
-Tax Practitioners
-Other Tax Professionals

 

You may ask your Question directly to our expert during the Q&A session.

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