Quiz: Intro to Tax Preparation

Due Diligence & Business Etiquette

Answer the questions based off of what you learned via the training video
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Which IRS form is specifically used to document due diligence for credits such as the Earned Income Credit (EIC)?*

Form 1040Form W-9Form 8867Schedule A
What does “due diligence” mean for a tax preparer?*

Collecting and maintaining accurate client recordsAsking the right questions to verify informationStaying compliant with IRS requirementsAll of the above
True or False: A tax preparer must keep copies of client documents and due diligence checklists for at least three years.

TrueFalse
Why is professional communication important in tax preparation?*

It builds client trustIt reflects positively on the companyIt reduces misunderstandings and errorsAll of the above
True or False: Responding to client emails and calls within a reasonable time frame shows professionalism and respect.

TrueFalse
Why is due diligence important for tax preparers?*

To avoid IRS penalties and finesTo ensure accuracy and protect clientsTo maintain compliance and ethical standardsAll of the above
Which of the following is an example of good business etiquette when meeting with a client?*

Arriving late but apologizing afterwardDressing appropriately and being on timeUsing slang or casual language in documentsAvoiding eye contact during the meeting
What should a tax preparer avoid when working with clients?*

Disclosing confidential client informationBeing disrespectful or dismissiveMaking promises that cannot be guaranteedAll of the above
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Due Diligence & Business Etiquette