Submit Form 8867 in the manner required and D. Keep all five of the following records for 3 years from the latest of the dates specified in the Form 8867 instructions under Document Retention. 1. A copy of Form 8867 2. The applicable worksheet s or your own worksheet s for any credits claimed 3. Complete this Form 8867 truthfully and accurately and complete the actions described in this checklist for all credits claimed C. Submit Form 8867 in the manner required and D. Keep all five of the...following records for 3 years from the latest of the dates specified in the Form 8867 instructions under Document Retention. 1. Do you certify that all of the answers on this Form 8867 are to the best of your knowledge true correct and complete. By the taxpayer or reasonably obtained by you. AOTC retention requirement you must keep a copy of your documentation referenced in 4b a copy of this Form 8867 a copy of applicable worksheets a record of how when and from whom the information used to...prepare Form 8867 and worksheet s was obtained and a copy of any document s provided by the taxpayer that you relied on to determine eligibility or to compute the amount for the credit s. A copy of Form 8867 2. The applicable worksheet s or your own worksheet s for any credits claimed 3. Copies of any taxpayer documents you may have relied upon to determine eligibility for and the amount of the credit s 4. N/A For Paperwork Reduction Act Notice see separate instructions. Cat. No. 26142H 8867...2017 Page 2 Form 8867 2017 9a Have you determined that this taxpayer is in fact eligible to claim the EIC for the number of children for whom the EIC is claimed or to claim EIC if the taxpayer has no qualifying child Skip 9b and 9c if the taxpayer is claiming EIC and does not have a qualifying child. Person. Did the taxpayer provide substantiation such as a Form 1098-T and/or receipts for the qualified tuition and related expenses for the claimed AOTC Part V Credit Eligibility Certification You...have complied with all due diligence requirements with respect to the credits claimed on the return of the adequate information to determine if the taxpayer is eligible to claim the credit s and in what amount s B. Complete this Form 8867 truthfully and accurately and complete the actions described in this checklist for all credits claimed C. Form Paid Preparer s Due Diligence Checklist OMB No. 1545-1629 Earned Income Credit EIC American Opportunity Tax Credit AOTC Child Tax Credit CTC and...Additional Child Tax Credit ACTC Department of the Treasury To be completed by preparer and filed with Form 1040 1040A 1040EZ 1040NR 1040SS or 1040PR. Internal Revenue Service Go to www.irs.gov/Form8867 for instructions and the latest information. Attachment Sequence No. 70 Taxpayer identification number Taxpayer name s shown on return Enter preparer s name and PTIN Part I Due Diligence Requirements EIC Please check the appropriate box for the credit s claimed on this return and complete the...related Parts I IV for the credit s claimed check all that apply. CTC/ACTC Yes No Did you complete the applicable EIC and/or CTC/ACTC worksheets found in the Form 1040 1040A 1040EZ 1040SS 1040PR or 1040NR instructions and/or the AOTC worksheet found in the Form 8863 instructions or your own worksheet s that provides the same information and all related forms and schedules for each credit claimed. Did you satisfy the knowledge requirement To meet the knowledge requirement you must do both of the...following Interview the taxpayer ask questions and document the taxpayer s responses to determine that the taxpayer is eligible to claim the credit s Review information to determine that the taxpayer is eligible to claim the credit s and for what amount.
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Instructions and Help about IRS 8867
How to edit IRS 8867
How to fill out IRS 8867
Instructions and Help about IRS 8867
How to edit IRS 8867
To edit IRS 8867, utilize online services that provide form editing capabilities, such as pdfFiller. Begin by uploading your existing version of the form. You can then make necessary adjustments using the editing tools available, ensuring that all information remains accurate and up to date before finalizing.
How to fill out IRS 8867
Filling out IRS 8867 requires careful attention to detail to ensure compliance with IRS guidelines. First, gather all necessary documentation related to the Earned Income Tax Credit (EITC) and any applicable credits. Then, follow these steps:
01
Enter your name, Social Security number, and the tax year in question.
02
Complete the sections regarding eligibility requirements for the EITC.
03
Provide details on qualifying children and any relevant earned income.
04
Review the form for accuracy and clarity before submission.
About IRS 8 previous version
What is IRS 8867?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 8 previous version
What is IRS 8867?
IRS 8867, the Paid Preparer's Due Diligence Checklist, is a form required by paid tax preparers to ensure they are following the due diligence requirements when preparing returns that claim the Earned Income Tax Credit (EITC) and other tax credits. This form serves as a verification tool to protect against mistakes and misrepresentations regarding eligibility for these credits.
What is the purpose of this form?
The purpose of IRS 8867 is to confirm that tax preparers have taken the necessary steps to determine taxpayer eligibility for the EITC, the Child Tax Credit, and the American Opportunity Tax Credit. The form outlines due diligence requirements that preparers must adhere to, ensuring that both the preparer and taxpayer comply with tax laws.
Who needs the form?
Tax preparers who assist clients in claiming the EITC or other specified credits must complete IRS 8867. This requirement applies to any return claiming tax credits where due diligence is mandated by the IRS. Individual taxpayers do not fill out this form; rather, it is the responsibility of the preparers.
When am I exempt from filling out this form?
Tax preparers may be exempt from using IRS 8867 if they are not preparing returns that claim the EITC or other applicable credits. In addition, if a preparer had no involvement in claiming a credit on the taxpayer's return, this checklist does not need to be submitted.
Components of the form
IRS 8867 consists of several components that outline the due diligence requirements. These components include sections for documenting the taxpayer's eligibility, the information reviewed, and the questions asked regarding filing status and qualifying children. Each section is designed to affirm that the preparer has thoroughly assessed the taxpayer's claim for credits.
What are the penalties for not issuing the form?
Failure to include IRS 8867 when required can result in significant penalties for tax preparers. The IRS imposes fines for negligence or failure to meet due diligence requirements, which can range from $500 to $25,000 depending on the severity of the omission. Additionally, a lack of due diligence can lead to the taxpayer losing their claimed credits, impacting both parties financially.
What information do you need when you file the form?
When filing IRS 8867, tax preparers need comprehensive information regarding the taxpayer's filing status, income details, and any dependents claimed for credits. Additionally, documentation supporting eligibility for the EITC, such as W-2s and tax returns from previous years, should be accessible. This information aids in completing the form accurately and complying with IRS requirements.
Is the form accompanied by other forms?
IRS 8867 is typically filed alongside the taxpayer's main income tax return, such as Form 1040. It is crucial for preparers to ensure that all relevant forms are completed and submitted together to verify that due diligence has been performed regarding the claimed credits.
Where do I send the form?
IRS 8867 is not submitted on its own; rather, it is filed with the taxpayer’s tax return. Depending on how the return is filed (electronically or via mail), the form should be sent to the appropriate IRS mailing address as indicated on the tax return instructions. Ensure to retain a copy of IRS 8867 for your records.
Use this catalog to find any type of IRS forms. We've gathered all of them under this section uncategorized to help you to find a proper form faster. Once you spot it on this list, have a look at the versions and schedules you might need as attachments. All returns are available for 2016 and for previous fiscal years.
