Schedule C and Record Reconstruction Training

Schedule C and Record Reconstruction Training Prepared by the IRS/ EITC Software Developers Working Group Table of Contents Table of i Introduction .. 1 EITC Due diligence and Self-Employed Taxpayers .. 2 Who is self-employed? .. 2 How is self-employment reported on a tax return?.. 2 Why are Schedule C s an EITC issue? .. 2 What is EITC due diligence ? .. 3 How does EITC due diligence apply to Schedule C claims prepared by paid tax practitioners? .. 3 What are the consequences for not meeting your due diligence and filing incorrect EITC returns? .. 4 What Schedule C situations should raise a red flag for you as a tax preparer?.. 4 What techniques can be used to obtain information from your client? .. 5 Recordkeeping .. 6 Why should taxpayers conducting a trade or business keep records? .. 6 What should be included in the taxpayer s books and records? .. 6 What are examples of supporting documents? .. 7 What Business Expenses can be claimed on Schedule C? .. 8 What should you do if the taxpayer does not have records?

EITC due diligence, IRC §6695(g), requires paid tax return preparers to make additional inquiries of taxpayers who appear to be making inconsistent, incorrect or incomplete claims related to their self-employment when the tax return

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  Training, Schedule, Record, Reconstruction, Diligence, Due diligence, Schedule c and record reconstruction training

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