Transcription of Schedule C and Record Reconstruction Training
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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?
Schedule C and Record Reconstruction Training 3. The client has included all income and related expenses on Schedule C, Profit or Loss from Business (Sole Proprietorship). What are the consequences for not meeting your due diligence and filing incorrect EITC returns? Incorrect EITC returns may adversely affect both you and your clients. The
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