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What Is IRS Form 8867? The Due Diligence Checklist IRS Form 8867 is the Paid Preparer’s Due Diligence Checklist, a mandatory compliance document for tax professionals This form ensures that a paid preparer exercises reasonable care when determining a client’s eligibility for specific, high-risk refundable tax credits
Due Diligence Audits: A Guide for Tax Professionals The IRS uses due diligence audits to ensure tax preparers are following the specific requirements laid out in the Internal Revenue Code (IRC) and Treasury Regulations
DUE DILIGENCE REQUIREMENTS FOR TAX RETURN PREPARERS Complete Form 8867, Paid Preparer’s Due Diligence Checklist, for each EITC, CTC ACTC ODC, AOTC, or HOH claim you prepare Complete the compliance checklist with due diligence requirements and information provided by your clients
eCFR :: 26 CFR 1. 6695-2 -- Tax return preparer due diligence . . . Unless the exception to penalty provided by paragraph (d) of this section applies, Preparer A is subject to two penalties under section 6695 (g): One for failure to meet the due diligence requirements for the CTC and a second penalty for failure to meet the due diligence requirements for the AOTC
26 CFR § 1. 6695-2 - Tax return preparer due diligence requirements for . . . Unless the exception to penalty provided by paragraph (d) of this section applies, Preparer A is subject to two penalties under section 6695 (g): One for failure to meet the due diligence requirements for the CTC and a second penalty for failure to meet the due diligence requirements for the AOTC
What Is the Due Diligence Tax Preparer Penalty? - SoFi The IRS takes due diligence very seriously because fraudulent claims are becoming increasingly common The agency even conducts “Knock and Talk” visits as part of its Preparer Compliance Program to educate preparers, discuss errors, and explain the risks of not providing accurate tax returns
DUE DILIGENCE QUESTIONNAIRE - giftcpas. com IRS regulations require paid tax preparers to perform a series of due diligence requirements for the Earned Income Credit, Child Tax Credit, American Opportunity Tax Credit, and Head of Household Filing Status
Understanding Due Diligence Rules for EIC, AOTC, and CTC Credits The Internal Revenue Service is tightening its focus on paid preparers who handle refundable tax benefits, warning that failures to meet due diligence requirements will bring steep penalties on 2023 returns filed in 2024 and beyond