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.