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FAQ

How long should a paid preparer keep tax returns?
A tax preparer is expected to keep tax records for at least three years. According to Internal Revenue Service Bulletin 2012-11, the tax preparer must keep tax returns, along with supporting documentation for a minimum of three years and in some situations, it is recommended to keep them longer.
What records is a tax preparer required to return when a client requests their records back according to Circular 230?
Section 10.28(a) of Circular 230 generally requires a practitioner to promptly return all "records of the client" necessary for the client to comply with his or her federal tax obligations.
What are the four due diligence requirements for tax return preparers?
The Four Due Diligence Requirements Complete and Submit Form 8867. (Treas. Reg. section 1.6695-2(b)(1)) ... Compute the Credits. (Treas. Reg. section 1.6695-2(b)(2)) ... Knowledge. (Treas. Reg. section 1.6695-2(b)(3)) ... Keep Records for Three Years.
How many years of tax information should you keep on file?
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
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