EARN Act

Earnings Advancement and Recovery Now Act or the EARN Act - Amends the Internal Revenue Code to: (1) increase the penalty on paid tax preparers who engage in willful or reckless conduct in understating tax liability or in disregarding tax rules or regulations, (2) extend from two to five years the period during which a taxpayer who claimed an earned income tax credit based on reckless or intentional disregard of rules and regulations is prohibited from receiving such credit, and (3) make applicable to the earned income tax credit the penalty for an erroneous claim for a tax refund or credit.

Directs the Comptroller General (GAO) to conduct a study of, and report on, the effectiveness and impact of the earned income tax credit and the incidence and cause of improper payments with respect to such credit, with recommendations to improve the efficiency and effectiveness of the credit and reduce improper payments.