|Code Section||Effective Date||Name of Act||Name of Provision||10yr Revenue Estimate ($millions)|
|6695(g)||12/31/2011||Revenue Prrovisions of The United States-Korea Free Trade Agreement Implementation Act||Increase in Penalty on Paid Preparers Who Fail To Comply With Earned Income Tax Credit Due Diligence Requirements||197|
Increase in Penalty on Paid Preparers Who Fail To Comply With Earned Income Tax Credit Due Diligence Requirements
Explanation of Provision
The Act increases the penalty for paid preparers who fail to comply with earned income tax credit due diligence requirements from $100 to $500 per return. The increased penalty applies to returns required to be filed after December 31, 2011.