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Which of the following statements is correct for penalties and fines with respect to exercising due diligence for the earned income credit?


a.

The penalty for each failure to be diligent in determining the amount of the earned income credit is $1,000 for each such failure.

b.

The penalty for each failure to be diligent in determining a client's eligibility for the earned income credit is a minimum of 2 years imprisonment in a designated Federal Correctional Institution.

c.

The penalty for failure to be diligent will not apply if the tax return preparer can demonstrate that the preparer's normal office procedures were reasonably designed and routinely followed to ensure due diligence compliance.

d.

The due diligence requirements address eligibility checklists, computation worksheets, and record retention.

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