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?.. 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?
includes the earned income tax credit. • All additional inquiries made to comply with EITC due diligence and the client’s responses must be documented. • The statute requires the EITC return preparer to be reasonable, well-informed, and knowledgeable in the tax law. • Paid tax return preparers generally can rely on the taxpayer’s ...
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