Although nearly 65 percent of Earned Income Tax Credit returns are prepared by paid preparers, the error rate is roughly the same as when the return is prepared by the individual, according to Internal Revenue Service spokesperson Nancy Mathis.
One problem for practitioners is a lack of familiarity with the EITC rules, noted Vicki Mulak, a Tustin, Calif.-based enrolled agent and certified financial planner. "A lot of practitioners just don't have a lot of EITC clients, but we all have some," she said. "So we don't feel like we're specialists in this area."
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access