Tax Return Preparers: The #1 Target of the IRS
If you have prepared tax returns with the Earned Income Credit, Child Tax Credit, or Education Credit you may be in the crosshairs of the IRS and subject to penalties of $5,000 per return!
WARNING: If you prepared tax returns in 2016, especially returns including the Earned Income Credit, Child Tax Credit, or Education Credit, you may be subject to fines of over $1,500 and penalties of $5,000… Per Return!
Starting this tax season, preparers are subject to due diligence rules for not only the Earned Income Credit, but also the Child Tax Credit and Education Credit. Each due diligence violation carries a penalty of over $500. This means that each tax return you prepare carries a penalty of over $1,500!
Also, if the IRS determines you are violating your PTIN/EFIN responsibilities they can bar you from preparing returns or owning a tax preparation business for life.
Now more than ever, it is critical to know you responsibilities as a return preparer in order to preserve your livelihood.
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