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Learn the Facts about IRS Due Diligence Contacts!

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Learn the Facts about IRS Due

Diligence Contacts!

▪ Briefly review paid preparer due diligence requirements

▪ Share IRS due diligence contact methods

▪ Outline the consequences for failing to meet paid preparer due diligence requirements

▪ Provide information on resources designed just for preparers

Today our seminar will:

As a paid tax return preparer, you must:

Preparer Due Diligence Review

Complete and

submit Form 8867

Compute the credits based on the facts

Ask all the right

questions

Keep records

Preparer Due Diligence Review

Complete and Submit Form 8867

Preparer Due Diligence Review

Compute the credits based on the facts

Ask all the right

questionsKeep records

Page 6: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

Contact Methods

Page 7: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

Letter 5025 – You may have not met due diligence requirements

Page 8: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

Letter 4858 - Alert to Return Preparers

Page 9: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

Letter 5364 - Missing Form 8867

Page 10: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

▪ Don’t ignore!

▪ Review your procedures

▪ Take additional steps

If you receive one of these letters…

Page 11: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

▪ IRS caller will provide IRS ID number

▪ IRS caller will refer to previous IRS contact

▪ IRS caller will ask security questions to confirm appropriate preparer on the line

▪ IRS caller will provide educational information

Is it really the IRS?

Educational Phone Calls

Page 12: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

Office Visit – Educational

Page 13: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

Video Placeholder – Part I

Page 14: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

Preparer Notification

Page 15: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

Video Placeholder – Part II

Page 16: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

The Exam

Page 17: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

VIDEO Placeholder III

Page 18: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

-Exam Closing-Letter 1125

Page 19: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

-Exam Closing -

Penalties and Next Steps

Page 20: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

Correspondence Due Diligence Exam

Page 21: Learn the Facts about IRS Due Diligence Contacts!Preparer Due Diligence Review Complete and Submit Form 8867. Preparer Due Diligence Review Compute the credits based on the facts Ask

Resources

Tax Preparer Toolkit:https://www.eitc.irs.gov/tax-preparer-toolkit/welcome-to-the-tax-preparer-toolkit

https://www.eitc.irs.gov/tax-preparer-toolkit/welcome-to-the-tax-preparer-toolkit

Thank you for attending

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