Jim Gadwood commented on the Internal Revenue Service's (IRS's) Form 887, the Paid Preparer's Due Diligence Checklist, which was consolidated for the 2016 tax year. The form can be used to determine eligibility for all applicable credits. Under tax code Section 6695(g), preparers must pay a $510 penalty for any tax return or refund claim for which they did not properly determine the right credit amount. One form for multiple credits will be more efficient and is a "nice thing" for preparers, Gadwood said.