Due Diligence: Challenges Facing Paid Return Preparers
- Course Description
This course discusses the details requiring compliance with §6695(g) "failure to be diligent in determining eligibility for certain tax benefits". §6695(g) is the reason why "paid return preparers" must fill out and file Form 8867 "Paid Preparer's Due Diligence Checklist". The course walks through the Form 8867 and provides a hand's on approach to reporting the proper answers to the specific questions related to the §2(b) Head of Household filing status, §24 Child Tax Credit, Additional Child Tax Credit and the Credit for Other Dependents (Other Dependent's Credits: ODC).
In addition, the course reviews the specific questions related to the §25A American Opportunity Credit and §32 Earned Income Tax Credit as well as the general questions on due diligence. The course discusses the issues with a paid return preparer's failure to comply as well as the consequences of not meeting the due diligence requirements.
The course addresses the IRS's auditing for due diligence and the monetary consequences of noncompliance.
The presentation will review Treasury Decision 9842 which are the final regulations which includes the specific examples of the due diligence requirements in Reg. §1.6695-2(a)(2).
- Learning Objectives
At the conclusion of this presentation, tax return preparers Â·will have a better understanding of the specific questions being asked on Form 8867 "Paid Preparer's Due Diligence Checklist" and will have reviewed the examples in the final regulations. In addition, the attendee will have a better understanding of what information they need to have in their possession in order to be able to show an Auditor that they used due diligence in determining the "eligibility for certain tax benefits" and used due diligence in "properly calculating the amount of the tax benefit".
In addition, at the conclusion of the session, the paid return preparer will understand the horror of noncompliance.
To receive the member price, first log into your member account. Your member discount will then be automatically applied. We can also take your registration by phone.
Your registration confirmation will be emailed to you when your payment is processed. During our busy season, this can take up to 2-3 business days after we receive your registration.
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Your certificate will be emailed to you within 10 business days of the completion of the course.
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