Be Tax Ready – Understanding Rules for Due Diligence and the Child Tax Credit and Earned Income Tax Credit

Target Audience: CPAs, EAs, Annual Filing Season Program Participants
Field of Study: Taxes (NASBA); Federal Tax Law (IRS)

IMPORTANT INFORMATION REGARDING CONTINUING EDUCATION CREDIT: THE IRS ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING EDUCATION CREDIT FOR ENROLLED AGENTS (EA) AND ANNUAL FILING SEASON PROGRAM (AFSP) PARTICIPANTS. Others, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT.

Note: the credit received from this seminar qualifies as continuing education that is required to obtain the voluntary AFSP – record of completion. however, this website does not offer the AFSP annual federal tax refresher (AFTR) course.

IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE: WWW.LEARNINGMARKET.ORG

DISCLAIMER: THIS WEBINAR WAS RECORDED ON August 17, 2021, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.

Seminar/Program Level: Basic
Recommended Continuing Education Credit: 1

In this webinar, tax professionals will explore the effect of the American Rescue Plan Act of 2021 on the child tax credit (CTC), additional child tax credit (ACTC), credit for other dependents (ODC) and earned income tax credit (EITC). This session will also reinforce paid preparers’ understanding of due diligence requirements when preparing returns for clients claiming the CTC/ACTC/ODC, EITC, American opportunity tax credit (AOTC) and head of household filing status. The seminar will explain additional resources, training, and tools available at no charge to tax professionals through IRS’ online Tax Return Preparer Toolkit.

By the end of this presentation, you will be able to:

Identify how the American Rescue Plan Act (ARPA) effects returns claiming refundable credits
Discuss how ARPA rules impact your clients’ eligibility for the earned income tax credit (EITC) and enhanced child tax credit (CTC) and additional child tax credit (ACTC)
List the due diligence requirements for the EITC, CTC, AOTC and head of household filing status and discuss how ARPA impacts the requirements
Determine what common errors are made related to due diligence and claiming the applicable tax benefits
Cite where to find IRS’ online resources for paid preparers.

No prerequisites or advanced preparation are required for this seminar.