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Preparers Must File Due Diligence Checklist

Wednesday, Dec 21 2011
Tax
Written by 

irslogoThe Internal Revenue Service has issued final regulations that require paid tax return preparers to file a due diligence checklist next year. Starting January 1, they must file Form 8867, with any federal return claiming the Earned Income Tax Credit, which is currently required to be completed and retained in a preparer's records, subject to IRS review.

Regulations also reflect Congress' increasing penalties for noncompliance to $100 from $500. The IRS says that as many as one in five eligible taxpayers fail to claim the credit, but notes that some who do compute the credit incorrectly or are not eligible.

 

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