2023 Paid Preparer's Due Diligence Checklist - Form 8867
This file is a checklist designed to assist paid tax preparers with their due diligence requirements for various tax credits and the head of household filing status. It includes specific actions to be performed and documented to avoid penalties. The checklist references Form 8867 and IRS Publication 4687 for additional guidance.
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How do I fill this out?
To fill out this checklist, complete each section by confirming the taxpayer meets the specified requirements. Provide documentation for all confirmations as needed. Each section should be filled out and reviewed carefully to ensure accuracy.
How to fill out the 2023 Paid Preparer's Due Diligence Checklist - Form 8867?
1
Confirm eligibility for head of household filing status.
2
Verify American Opportunity Tax Credit requirements and documentation.
3
Check Child Tax Credit and Additional Child Tax Credit qualifications.
4
Validate Earned Income Tax Credit eligibility and required documentation.
5
Ensure all due diligence steps are documented and Form 8867 is completed.
Who needs the 2023 Paid Preparer's Due Diligence Checklist - Form 8867?
1
Independent tax preparers needing to validate tax credits and filing statuses.
2
Tax preparation firms assisting clients with due diligence for various credits.
3
Self-employed individuals verifying their eligibility for tax credits.
4
Accounting professionals ensuring compliance with IRS regulations.
5
Individuals claiming head of household status needing to provide documentation.
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What are the instructions for submitting this form?
Submit the completed checklist along with Form 8867 and supporting documentation when filing the taxpayer's return. You can submit these documents electronically via the IRS e-file system or mail them to the IRS office. Ensure all documents are complete and accurate before submission to avoid penalties.
What are the important dates for this form in 2024 and 2025?
Important dates for this form include the tax filing deadline on April 15, 2024, and any extensions granted by the IRS for the 2023 tax year. Retain the completed form and supporting documentation for three years from the latest of the due date, filing date, or the date it was submitted to the taxpayer for signature.
What is the purpose of this form?
The purpose of the 2023 Paid Preparer's Due Diligence Checklist is to assist tax preparers in meeting their due diligence requirements when filing returns that include certain tax credits and the head of household status. It helps ensure compliance with IRS regulations by guiding preparers through specific actions to verify eligibility and document their findings. Using this checklist can help practitioners avoid penalties and provide accurate tax return preparation services.
Tell me about this form and its components and fields line-by-line.
- 1. Head of household filing status: Confirm taxpayer's marital status and cost of keeping up a home with a qualifying person.
- 2. American opportunity tax credit (AOTC): Verify substantiation for qualified tuition and related expenses; check eligibility requirements.
- 3. Child tax credit (CTC)/additional child tax credit (ACTC): Confirm qualifications for dependents, required documentation, and other specific conditions.
- 4. Earned income tax credit (EITC): Check for required documentation, eligibility of dependents, taxpayer's main home, and previous disallowances.
What happens if I fail to submit this form?
Failing to submit the form may result in penalties and non-compliance with IRS regulations, potentially leading to fines and other consequences.
- Penalties: A $560 penalty for each failure to comply with due diligence requirements.
- Non-compliance: Non-compliance with IRS regulations can result in additional scrutiny and audits.
- Inaccurate Tax Returns: Failure to document and verify eligibility can lead to incorrect tax return preparation.
How do I know when to use this form?
- 1. Preparing Tax Returns: Use this checklist to confirm eligibility for various tax credits and filing statuses.
- 2. Documenting Due Diligence: Document taxpayer's eligibility for credits and head of household status to avoid penalties.
Frequently Asked Questions
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Save your progress periodically while editing and download the completed form once done.
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You can share the form via email or save it to the cloud using PrintFriendly's sharing options.
Do I need to provide documentation for each confirmation?
Yes, ensure you provide necessary documentation to support each confirmation in the checklist.
Are there penalties for not meeting due diligence requirements?
Yes, failing to meet due diligence requirements can result in a $560 penalty per instance.
What is Form 8867?
Form 8867 is a checklist used by paid tax preparers to ensure due diligence for certain tax credits and head of household status.
How do I verify eligibility for the Earned Income Tax Credit?
Refer to the checklist and provide documentation such as school records and medical records to confirm eligibility.
Can I use the checklist to verify the American Opportunity Tax Credit?
Yes, the checklist includes steps to verify eligibility and documentation for the American Opportunity Tax Credit.
How long should I retain the completed checklist?
Retain the completed checklist and supporting documentation for three years from the latest of the due date, filing date, or the date it was submitted to the taxpayer for signature.
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