Earned Income Tax Credit – Preparer Fraud Penalty Increases
IRS released new information today highlighting increases in EITC preparer fraud penalties. The standard monetary penalty has increased from $100 to $500 per compliance issue on returns filed after 12/31/2011. For more information on avoiding preparer compliance penalties visit the IRS’ EITC Website for more information. This recent update was just released today, 11/7/2011, and is still being updated on their site, so you might have to give it a day or two for all info to get updated.
Posted: November 7, 2011