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EITC Due Diligence – Avoiding Pitfalls for Tax Preparers

Overview of EITC Due Diligence The Earned Income Tax Credit (EITC) is fertile ground for the IRS to levy penalties against unwary tax preparers, with an EITC error rate ranging from 23%-28%.  The Internal Revenue Code specifically requires a tax preparer to exercise due diligence with respect to d...

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EITC Due Diligence: What Every Tax Practitioner Needs to Know

Earned Income Tax Credit (EITC) is a benefit for working people with low to moderate income. The credit reduces the amount of tax you owe and may also even give taxpayers a refund. The amount of the credit depends on a recipient’s income and number of children, along with other requirements that m...

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Taxpayers Can Face Steep Penalties for Not Filing Tax Returns

As the tax deadline has passed, if you have not filed your taxes, you should probably read on. Whatever the case may be, not filing your taxes has severe consequences. Even if you have not filed for a few years, eventually, the IRS will come after you. Tax evaders often face large penalties, fine...

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Failure to File vs. Failure to Pay

Tax Penalties:  Failure to File vs. Failure to Pay Every year in mid-April we all face the deadline to file our annual federal income tax returns.  A good majority of the populace files early on in the year, especially those who expect a sizeable refund from the IRS; however, there are a consider...

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