Paid Preparer's Due Diligence Checklist
This file provides essential instructions for tax preparers to ensure compliance with due diligence requirements when claiming certain tax credits. It covers the Earned Income Credit (EIC), Child Tax Credit (CTC), and more, serving as a checklist for required actions. The checklist is crucial for upholding the integrity of tax preparation and for avoiding potential penalties.
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How do I fill this out?
To fill out this form, gather all necessary taxpayer information including identification numbers and details about any claims. Complete each part of the checklist thoroughly, ensuring that all due diligence requirements are met. Review the form for accuracy before submitting it with the tax return.
How to fill out the Paid Preparer's Due Diligence Checklist?
1
Gather necessary taxpayer information.
2
Complete parts I through V of the form.
3
Check all boxes relevant to the claimed credits.
4
Ensure all documentation is complete and accurate.
5
Submit Form 8867 with the tax return.
Who needs the Paid Preparer's Due Diligence Checklist?
1
Tax preparers who assist clients claiming tax credits.
2
Individuals applying for the Earned Income Credit.
3
Parents claiming the Child Tax Credit.
4
Students claiming the American Opportunity Tax Credit.
5
Anyone filing for Head of Household status.
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What are the instructions for submitting this form?
To submit Form 8867, ensure it is completed accurately along with the associated tax return. You can send it electronically along with the return via IRS e-file if applicable. For paper submissions, mail it to the appropriate IRS address as specified in the form instructions.
What are the important dates for this form in 2024 and 2025?
In 2024, individuals and businesses must file their taxes by April 15. Important deadlines for tax forms and payments may also apply based on individual circumstances, including extensions.
What is the purpose of this form?
Form 8867 serves as a due diligence checklist for tax preparers. It ensures that preparers follow necessary steps to evaluate the taxpayer's eligibility for various tax credits. By completing this form accurately, tax preparers can help their clients claim the appropriate credits while minimizing the risk of errors and penalties.
Tell me about this form and its components and fields line-by-line.
- 1. Taxpayer name(s): The legal name(s) of the taxpayer as they appear on the tax return.
- 2. Taxpayer identification number: The Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) of the taxpayer.
- 3. Preparer's name: The name of the paid tax preparer preparing the return.
- 4. Preparer tax identification number: The PTIN associated with the preparer.
- 5. Due Diligence Requirements: Checklist items that the preparer must complete regarding the credits claimed.
What happens if I fail to submit this form?
Failure to submit Form 8867 along with the tax return can lead to serious consequences.
- Penalties for Non-compliance: Tax preparers risk incurring penalties related to the claims made on the tax return.
- Audit Risk: Not providing proper documentation may increase the likelihood of an audit from the IRS.
- Failed Claims: Without Form 8867, claims for certain credits may be disallowed.
How do I know when to use this form?
- 1. Claiming Earned Income Credit: Use this form to ensure compliance while claiming EIC.
- 2. Claiming Child Tax Credit: Utilize Form 8867 for due diligence when claiming CTC for dependents.
- 3. Claiming American Opportunity Tax Credit: Required when filing for educational tax credits like AOTC.
Frequently Asked Question
What is Form 8867?
Form 8867 is a checklist for paid preparers to ensure compliance with due diligence requirements when preparing tax returns claiming certain tax credits.
Who needs to fill out Form 8867?
Tax preparers handling returns for clients claiming tax credits must complete this form.
How can I edit Form 8867 on PrintFriendly?
You can edit Form 8867 by selecting the edit option, making your changes, and then downloading the updated PDF.
Can I share the completed form?
Yes, you can easily share the completed form by generating a sharable link or downloading it for distribution.
Is there a deadline for submitting Form 8867?
Form 8867 must be submitted along with the corresponding tax return by the tax deadline.
What happens if I don't submit Form 8867?
Failure to submit Form 8867 could result in penalties related to the tax credits claimed.
What information do I need to fill out the form?
You will need taxpayer information, identification numbers, and details about the credits being claimed.
Is Form 8867 required for all taxpayers?
No, it is specifically for those claiming certain tax credits, not for all taxpayers.
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You can edit and download your PDF on PrintFriendly, but it does not save the files on its site.
Can I fill out Form 8867 electronically?
Yes, you can fill out Form 8867 electronically using the editing tools on PrintFriendly.
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