Program Content

This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.

The program, through a lively round-table discussion and real time interaction with the audience, looks at the many tax credits available to individual taxpayers. The program will focus on both refundable and non-refundable tax credits and the limitations that apply to those credits. Panelists also will examine special due diligence requirements that apply to return preparers who make use of certain credits on behalf of their clients. The panel also will explore the penalties that apply to return preparers who fall short of the required due diligence.

By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of the major tax credits for individual taxpayers and the related due diligence requirements that apply to tax professionals and return preparers.

Program Learning Objectives

1. Identify the non-refundable tax credits that may be claimed by individual taxpayers.
2. Identify the refundable tax credits that may be claimed by individual taxpayers.
3. Identify the limitations that apply to both refundable and non-refundable tax credits.
4. Identify the steps return preparers must take to ensure compliance with the due diligence required for the preparation of returns claiming individual tax credits.

Program Outline

• Non-Refundable Credits
  • Dependent care
  • Child
    
  • Adoption
    
  • Elderly and disabled
    
  • American opportunity and lifetime learning
    
  • Retirement savings contributions
    
  • Mortgage interest
    
  • Nonbusiness energy property
    
  • Residential energy efficient property
    
  • Alternative motor vehicles
    
    
• Limitations on Non-Refundable Credits
  
  
• Refundable Credits
  • Recovery rebate
    
  • Earned income
    
  • Health insurance premium assistance
    
  • Health insurance coverage
    
    
• Due Diligence Requirements
  
  • Credits to which requirements apply
    
  • Form 8867
    
  • Computation worksheet
    
  • Knowledge of preparer
    
  • Record retention
    
    
• Penalties for Due Diligence Failures