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Project One Milestone One Guidelines and Rubric

ACC 330 Project One Milestone One Guidelines and Rubric


Each year the Internal Revenue Service (IRS) updates the tax code and makes changes to standard documentation. Tax professionals can see sweeping changes over their career. An area such as the application of tax credits can have drastic changes over a five-year period. Some of the most common tax credits relate to children, other dependents, childcare expenses, low-to-moderate income workers, and education. It’s important to stay current with tax codes, laws, and regulations, and to update your knowledge each year with what might have changed since the last time you put together a tax return.


For this assignment you will be investigating the changes in several tax credits, forms, and schedules over time. (The form or schedule number will remain constant, but the form or schedule title may change based on changes to tax credits and what is required to be reported.) In your research you will be comparing these forms from different tax years to find any significant changes. Evaluating tax credits and supplemental forms requires an ability to search proficiently.

Compare Tax Credits and Corresponding Forms

Please follow this process for each of the forms and schedules required in this assignment:

  • Follow the example provided for Earned Income Tax Credit (EITC) in the Project One Milestone One template.
  • Pull up the form you are investigating from both the current and previous tax years (for instance, 2021 and 2020).
  • Search for any IRS publications that discuss changes in this tax credit.
  • Note any changes mentioned in the publication that impact the current year or may impact future years. It takes attention to detail to uncover these changes.
  • Compare the current tax year with the prior tax year.
  • Research the forms required for the respective tax years using the search terms below in the Supporting Materials section.
  • Complete the table for each type of tax credit.
  • Add a list of documentation and citations to the template provided.

This is the process a paid professional tax preparer uses each year as part of due diligence. As a professional tax preparer you will be responsible for knowing and applying changes from year to year. Consider what needs to be reviewed every tax year for each tax credit category. Check other qualifications or requirements for the credit. Consider how things might change in the future that impact tax planning.

Hint: Changes in requirement and parameter may include the following areas: amount of credit, income thresholds, qualified dependents, and/or filing status.

Specifically, you must address the following rubric criteria:

  1. Form 8863 Education Tax Credit – American Opportunity Tax Credit (AOTC): Specify changes past, present, and future if applicable to this form.
  2. Form 8863 Education Tax Credit – Lifetime Learning Credit (LLC): Specify changes past, present, and future if applicable to this form.
  3. Schedule 8812 Child Tax Credit: Specify changes past, present future if applicable to this form.
  4. Schedule 8812 Other Dependent Credit: Specify changes past, present future if applicable to this form.
  5. Form 2441 Child and Dependent Care Credit: Specify changes past, present future if applicable to this form.
  6. Identify applicable documentation for each of the tax credit categories.

What to Submit

Submit a completed Project One Milestone One template. Sources should be cited and linked according to APA style.

Supporting Materials

The following resources support your work on the project:

Resource: Tax Research Guide

Forms and Documents:Note: Ensure you are working in the proper year when performing research. The following links are for the current tax year.

  • Form 8863 – Education Credits
  • About Form 8863 – Education Credits (American Opportunity and Lifetime Learning Credits)
  • Schedule 8812 – Credits for Qualifying Children and Other Dependents
  • Tax Credits and Deductions USA.gov
  • Form 2441 – Child and Dependent Care Expenses

Search Terms: Note: Direct links change from year-to-year. Use the following to search these topics.

  • Publication 503 – Child and Dependent Care Expenses
  • Publication 970 – Tax Benefits for Education
  • Publication 972 – Child Tax Credit and Credit for Other Dependents

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