I read something the other day that got me thinking. Tax professionals do two-thirds of all EITC claims, but about twenty-five percent filed an error for one reason or another. It could be a simple mistake like not understanding the law or taking what a client says at face value. Other times, it's outright fraud. So, it's pretty clear we paid preparers have to give due diligence more diligence. Having fewer errors protects the clients, builds their trust, and gets us more referrals. So it's good for business and it keeps us out of trouble. Who needs IRS penalties that with a little extra diligence could have been avoided? Besides, it's the right thing to do. I mean, the EITC is supposed to go to working people who qualify, not cheats and scam artists, right? So let's get back to basics for just a minute. Before due diligence requirements, every paid preparer must do one complete the EIC checklist or its equivalent. Working through the checklist forces us to consider all the eligibility criteria. To complete the computation worksheet, it shows all the income sources we factor like self-employment income, wages, interest income, and adjusted gross income. Keep thorough records, either paper or electronic, for three years. That includes copies of Schedule EIC, the computation worksheet, and a record of how, when, and from whom you got the information to prepare the return. Keep them where they can be readily accessed if an IRS representative asks to see them, but also keep them safe. You don't want confidential information in the wrong hands. Know the law and use your knowledge to ask each client the right questions and get all the relevant facts. Make sure you document as you go. The whole process is so much easier now that everything is included...
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Irs 8867 for 2023-2024 Form: What You Should Know
Instructions for Form 8867 (Rev. December 2021) — IRS This is an early release draft of an IRS tax form, instructions, or publication, Instructions for Form 8867 (Rev. December 2021) — IRS Instructions to prepare, file, and pay the ETC and the CTC for a child is as follows – Instructions for Form 8867 (Rev. December 2021) — IRS About Form 8867, Paid Preparer's Note-Taking and Due Diligence Checklist — IRS Information about Form 8867, Paid Preparer's Note-Taking and Due Diligence Checklist — IRS About Form 8867 (Rev. December 2021) — IRS About the “Paid Preparer's due diligence checklist, form 8867,” and the Form 8867 and Paid Preparer's Due Diligence Checklist and Other Requirements for Tax Providers who File Tax Returns for Children and Other Families with Dependents About the ETC and Child Tax Credit Instructions for Form 8867 (Rev. December 2021) — IRS About the ETC and Child Tax Credit Information about the CTC and the ATC for child tax credit — April 2018 About the Child Tax Credit — April 2018 Information about the ATC and the CTC for child tax credit — October 2018 Form 8867 and Paid Preparer's Note-Taking and Note-Taking Process — March 2018 Information about the ETC for Child Tax Credit — July 2018 Instructions for Form 8867 (Rev. December 2021) — IRS Instructions for Form 8867 (Rev. December 2021) — IRS About ETC and the CTC for Child Tax Credit —- Nov 2017 Instructions for Form 8867 (Rev. December 2021) — IRS About Form 8867 (Rev. December 2021) — IRS Form 8867 (Rev. December 2021) — IRS Instructions for Form 8867 (Rev.
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