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The due diligence tax preparer penalty is a fine for income tax preparers who fail to meet due diligence requirements when preparing tax returns that claim certain credits or head of household filing status.

The IRS takes due diligence very seriously because fraudulent claims are becoming increasingly common. The agency even conducts “Knock and Talk” visits as part of its Preparer Compliance Program to educate preparers, discuss errors, and explain the risks of not providing accurate tax returns.

Let’s take a closer look at what due diligence for tax preparers means, how preparers should perform it, and the penalties for not following the rules.

What Is Due Diligence for Tax Preparers?

People use tax experts to prepare their income taxes for them because the experts know how to take advantage of tax rules. By claiming all possible tax credits or tax deductions, clients keep more of the money they earn rather than handing it over to the IRS.

U.S. income tax preparers must adhere to tax laws and conduct due diligence when they prepare tax returns for taxpayers who claim certain tax credits or head of household (HOH) filing status. HOH status gives an unmarried filer with a qualifying dependent tax advantages that a single filer does not have.

The IRS requires due diligence from tax preparers to make sure their clients really do qualify for the credits or HOH status because they will pay less tax to the IRS.

The credits that fall under due diligence are the following:

•   Earned income tax credit (EITC)

•   Child tax credit (CTC), additional child tax credit (ACTC), credit for other dependents (ODC)

•   American opportunity tax credit (AOTC)

•   Head of household (HOH) filing status

Recommended: What Are the Different Types of Taxes?

What Is the Due Diligence Tax Preparer Penalty for 2023?

Each failure on a return filed in 2023 carries a penalty of $560. If a preparer claims all four benefits on a return and fails to perform due diligence for each benefit, the penalty for that return is $2,240. The preparer can also be referred to the Office of Professional Responsibility, or even the IRS Criminal Investigation Unit, if their failure to comply is deemed willful. It’s also possible that the IRS may request the Department of Justice to seek an injunction to stop the preparer from preparing any future returns.

What Are the Four Due Diligence Requirements?

To comply with due diligence and avoid a penalty, the IRS requires a tax preparer to do the following:

Complete and Submit Form 8867

The form must be based on information obtained from the client. It can be submitted to the IRS with the e-Filed return or claim, or included in the filed return or claim.

Compute the Credits

The preparer must complete the appropriate worksheets for each applicable credit (such as those found in the instructions for Form 1040 or Form 8863) and keep records of the information and calculations used.

Conduct the Knowledge Test

The preparer must interview the client to verify that the information on income tax withholdings, earnings, dependents, and all relevant data are correct, consistent, and complete. The preparer must also keep a record of the interview.

Keep the Records for Three Years

Documents can be held in electronic or paper format.

Recommended: Your 2023 Tax Season Prep List

What Are Examples of a Due Diligence Penalty?

Let’s say a taxpayer who is preparing for tax season wants to claim the earned income tax credit (EITC). This credit is calculated by multiplying the taxpayer’s income by a percentage determined by the IRS. The amount of the credit phases out above certain income levels that vary depending on the number of qualifying children the taxpayer has. A due diligence penalty might be levied if the tax preparer makes one of the following common errors:

•   The tax preparer fails to verify if a child qualifies under the EITC in terms of their age, relationship, or residency requirements.

•   The tax preparer files claiming the client is single or head of household even though the taxpayer is married.

•   The tax preparer reports inaccurate income or expenses for the client.

The IRS gives more specific guidelines to tax preparers in Publication 4687. The publication gives specific examples of situations where the practitioner should ask further questions to fulfill the due diligence requirement. For example, “A 22-year-old client wants to claim two sons, ages 10 and 11, as qualifying children for the EITC.”

In this case, the IRS recommends the tax preparer does some further checking because the children’s ages are so close to the client’s age. The preparer is expected to make reasonable inquiries to verify the children’s relationship with the client.

Another example from the IRS: “A client has two qualifying children and wants to claim the EITC. She claims to have earned $20,000 in income from her Schedule C business and had no business expenses.”

The IRS considers it unusual for someone who is self-employed to have no business expenses. Due diligence expects the preparer to ask additional reasonable questions to determine whether their client is carrying on a business and whether the information about her income and expenses are correct.

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Pros and Cons of the Due Diligence Penalty

The due diligence requirements demand extra work for tax preparers, such as conducting in-depth interviews and storing documents. However, preparers can establish policies and procedures with checklists and consistent practices, which should keep them organized and prevent them from falling foul of the IRS.

Pros

•   If the tax preparer can show they have “reasonable cause” for an understatement on the return, and the preparer acted in “good faith” while preparing the return, the preparer generally will not be penalized.

•   Following a due diligence checklist for every tax return ensures office procedures to minimize mistakes.

•   If a checklist is always followed, it is more likely that the preparer acts in good faith while preparing returns and will not be penalized.

Cons

•   Tax preparers may need to develop a system and a checklist for due diligence cases and follow it consistently.

•   Tax preparers need to keep meticulous records of interviews and documents.

•   Tax preparers must stay up to date with current and new requirements related to due diligence, as the IRS rulings change frequently to help reduce tax fraud and abuse.

The Takeaway

The IRS takes due diligence seriously when taxpayers are claiming certain tax benefits or head of household status. Therefore, it’s critical that tax preparers follow the due diligence rules and develop consistent processes and checklists to ensure they comply. Due diligence penalties are significant, and a preparer may even be referred to the Department of Justice and prevented from practicing. The due diligence requirements may mean extra work for tax preparers, such as conducting in-depth interviews, creating checklists, and storing documents. However, the extra work is well worth it to keep them organized and on the right side of the IRS.

It’s also important to make sure your finances are in order during tax season and beyond, and a money tracker app can help. The SoFi app connects your accounts in one convenient dashboard, allowing you to see your balances, spending breakdowns, and credit score monitoring. You also get valuable insights that can help you make progress toward your financial goals.

FAQ

What is the due diligence penalty for 2023?

The penalty for returns filed in 2023 is $560 for each failure on a return. If a preparer claims all four benefits on a return and fails to perform due diligence for each benefit, the penalty for that return is $2,240.

What happens to a paid preparer who fails to meet the due diligence requirements IRC 6695 G?

Under IRC 6695 G, the penalty in calendar year 2022 is $545 for each failure of a tax preparer to meet due diligence requirements and determine a taxpayer’s eligibility for the head of household filing status or the following credits:

•   Any dependent credit, including the Additional Child Tax Credit and Child Tax Credit

•   American Opportunity Credit

•   Earned Income Tax Credit

•   Lifetime Learning Credit

What happens if a tax preparer doesn’t meet the due diligence requirements?

In addition to facing penalties, a tax preparer who does not do due diligence will be referred to the Office of Professional Responsibility. If the failure is deemed willful, the preparer can be referred to the IRS Criminal Investigation, and the Department of Justice may take away the right for the preparer to work on any future returns.

Photo credit: iStock/fizkes

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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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An entry-level position can help you get your foot in the door of a new industry or provide experience and on-the-job training to help you move up the ladder. Depending on the job, you may be required to work closely with colleagues, vendors, customers, or the general public. If you’re an introvert, all that face-to-face interaction could sound overwhelming and downright exhausting.

Luckily, there are a variety of entry-level jobs that require little human interaction and can still set you on the path to a satisfying career.

What Is an Entry-Level Job?

Entry-level jobs are roles that typically require minimal education or prior experience. They may be designed specifically for individuals just graduating from college who have higher academic qualifications, or they may not require any post-secondary education at all. Jobs that require a college education may offer a higher starting wage, though there are also high-paying trade jobs.

Some companies will require new entry-level hires to participate in on-site training to bring them up to speed on the skills they’ll need to complete the tasks required of them. Jobseekers may find an entry-level position in every industry, and they could land a fulfilling job that pays well.

When to Start Applying for Entry-Level Jobs

It’s common for recent high school or college graduates to apply for entry-level jobs. If you want to start work as soon as you finish school, you may consider applying to jobs a couple of months in advance of your graduation date.

But entry-level jobs aren’t only for people fresh out of school. Those hoping to switch career paths may want to apply for entry-level jobs to gain experience in their new field. Some retirees may also look for a part- or full-time role to pick up extra income, including work-from-home jobs.

Once you begin earning a wage, consider using a spending app to help you set a budget and track your income and spending.

Pros and Cons of an Entry-level Job With Little Human Interaction

The potential advantages and disadvantages of entry-level jobs for introverts will depend largely on your personality. As you’re hunting for a job, ask yourself what you want and need from a position. Here’s a look at some potential pros and cons.

Pros

•   A quiet workspace allows you to focus on the tasks at hand.

•   Fewer interruptions from bosses and coworkers who want your attention.

•   There’s less potential to get wrapped up in office politics.

•   Having fewer interactions with people can create a calmer atmosphere for those who get anxious interacting with others.

Cons

•   There’s potentially less opportunity to learn from bosses and coworkers.

•   You may spend more time troubleshooting issues on your own.

•   If you’re a people person, positions with little human interaction can feel isolating.

•   If you’re out of sight, you may be out of mind and miss out on opportunities that could advance your career.

Tips to Finding an Entry-level Job

Begin your job hunt by getting to know yourself. What industries are you interested in? And what skills do you already bring to the table?

Next, use an online job search engine. Some are quite large and will help you explore jobs across the country in many industries. But if you’re looking for something specific, you might try specialty job boards.

When applying for a job, send a resume that explains your education, experience, and skills. It’s also a good idea to write a cover letter that’s customized to the job you’re applying for.

Though it may not be appealing if you’re not a people person, you can also network with colleagues in your field of interest. The connections you make could help you find positions that may be available in your area, including jobs that pay daily.

10 Entry-level Jobs With Little Human Interaction

Looking for some ideas for potential jobs for antisocial people or roles that allow you to work with as few interactions as possible? Here’s a list of some possible careers to explore.

Accountant

Accountants are responsible for keeping and interpreting financial records and may help clients as they prepare for tax season.

Requirements: Accountants typically have a bachelor’s degree in accounting or a related field. They may also get licensed in certain fields to improve job prospects.

Annual median salary: $77,250

Job outlook: Employment is expected to grow 6% through 2031, which is nearly average for all occupations.

Actuary

Actuaries usually work with insurance companies, and they use mathematics, statistics, and financial theory to help analyze the potential cost of risk.

Requirements: You typically must have a bachelor’s degree with a strong background in math and statistics to become an actuary. And you must pass a series of exams to get certified.

Median annual salary: $105,900

Job outlook: Employment is expected to grow 21% through 2031, much faster than average.

Computer Programmer

Computer programmers write, change, and test code that applications and software need to run and function properly.

Requirements: Programmers generally need a bachelor’s degree as well as proficiency in one or more programming languages.

Median annual salary: $93,000

Job outlook: Employment is expected to decline 10% through 2031, though an estimated 9,600 jobs are projected to open up each year.

Graphic Designer

Graphic designers usually use software to create visuals that communicate ideas to consumers.

Requirements: Graphic designers may need a bachelor’s degree in graphic design and a portfolio that demonstrates their work.

Median annual salary: $50,710

Job outlook: Employment is expected to grow 3% through 2031, which is slower than average.

Medical Records Specialist

A medical records specialist processes, compiles, and maintains patient records.

Requirements: A high school diploma may be sufficient, but medical records specialists typically need a post-secondary certificate to enter the profession. Some might need an associate’s or bachelor’s degree.

Annual median salary: $46,660

Job outlook: Employment is expected to grow 7% through 2031, which is about as fast as average.

Surveyor

Surveyors use measurements to determine property boundaries. They may work in the office and the field, alone or in small teams.

Requirements: Surveyors typically need a bachelor’s degree, and they must be licensed.

Median annual salary: $61,600

Job outlook: Employment outlook is expected to show little or no change through 2031.

Technical Writer

As a technical writer, you write journal articles, instructional manuals, and other documents to communicate technical information clearly.

Requirements: Technical writers typically need a bachelor’s degree and some experience in science or engineering.

Median annual salary: $78,060

Job outlook: Employment is expected to grow 6% through 2031, which is about average for all occupations.

Truck Driver

If you long for the open road, you might consider becoming a truck driver who transports goods from one place to another.

Requirements: Truck drivers usually need to have a high school diploma and have attended truck driving school. They must also acquire a commercial driver’s license.

Median annual salary: $48,310

Job outlook: Employment is expected to grow 4% through 2031, which is nearly average for all occupations.

Veterinary Technologist or Technician

If you’d rather work with animals than people, you might consider becoming a veterinary technician. People in this position help run tests and may help diagnose animal injuries and illness.

Requirements: Veterinary technologists typically must complete a four-year post-secondary program, while technicians need a two-year associate’s degree. Both must take an exam to get credentialed, and they may need to be registered, licensed, and certified in the state where they work.

Median annual salary: $36,850

Job outlook: Employment is expected to grow 20% through 2031, which is much faster than average.

Web Developer

Web developers create and maintain websites for a variety of clients.

Requirements: Web developers may need only a high school diploma, while others benefit from having a bachelor’s degree.

Annual median salary: $77,030

Job outlook: Employment is expected to grow 23% through 2031, which is much faster than average.

The Takeaway

An entry-level position can help people new to a field gain valuable experience and training. These jobs are generally available in every industry, and some require little to no human interaction. If you’re an introvert or prefer to work alone, you have an array of options, including working as a computer programmer, accountant, graphic designer, surveyor, truck driver, or medical records specialist.

Regardless of the career you choose, you may find it helpful to use a money tracker app to organize your finances. With the SoFi Insights app, you can see all of your accounts in one convenient dashboard, including your balances, spending breakdowns, and credit score. You also get valuable financial insights that can help you make progress toward your goals.

FAQ

Is there a job where I don’t have to talk to people?

Yes, there are jobs where you can limit your interaction with other people, especially if you freelance or work for yourself.

What are the easiest jobs to get with no experience?

Entry-level positions are often designed for jobseekers with little to no prior experience. Frequently, these jobs will offer some sort of on-the-job training.

What are good jobs for people with social anxiety?

Jobs such as graphic designers, veterinary technicians, technical writers, and others that require little interaction with other people may be good for those with social anxiety.

Photo credit: iStock/supersizer

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Fiduciary financial advisors are professionals who have a legal obligation to manage assets or give retirement advice with their client’s best interest in mind.

Among the guidelines fiduciary financial advisors need to abide by are avoiding conflicts of interest, being transparent (about fees and investments choices), acting in good faith, and being as accurate as possible.

Financial advisors aren’t the only professionals who can have fiduciary responsibilities. Lawyers, bankers, board members, accountants and executors can all be considered fiduciaries.

Fiduciary financial advisors cannot recommend investments or products simply because they would pay them bigger commissions. They can be held civilly responsible if they give advice that isn’t in the best interest of their clients.

What Is a Fiduciary?

A fiduciary is someone who manages property or money on behalf of someone else. “When you are named a fiduciary, you are required by law to manage the person’s money and property for their benefit, not yours,” according to the Consumer Financial Protection Bureau (CFPB), a government watchdog agency.

The CFPB provides an example of this, along with the requirements of being a fiduciary:

“For example, a friend of yours may name you her fiduciary through a power of attorney (POA). This means that you are responsible for her finances if she becomes sick or injured.”

As a fiduciary, your four basic duties are to act only in your friend’s best interest, manage her money and property carefully, keep her money and property separate from your own, and keep good records. Basically, you are to do your very best to manage her finances honestly.

In this sense, a person who is named as a fiduciary may not have any particular financial planning expertise. Therefore, they may still choose to hire out the actual work of managing the money to a financial expert. In doing this, they are exercising fiduciary responsibility.

What Is the Fiduciary Responsibility in Financial Planning?

Someone who acts with fiduciary responsibility will act in the customer’s best interest.

There is no universal standard for fiduciary responsibility because there are multiple agencies that act as regulatory bodies in the financial services industry.

The U.S. Department of Labor (DOL) is one, and the Securities and Exchange Commission (SEC) is another. Additionally, the organizations offering certifications, like the board of Certified Financial Professionals (CFPs), may provide their own guidance on fiduciary responsibility and code of conduct.

In 2016, the Labor Department issued what was called the “fiduciary rule,” requiring that any advisors offering retirement advice must act in their clients’ best interest. The rule was widely challenged from within the industry and subsequently overturned in the courts in 2018.

While there has been subsequent discussion about the DOL restoring the fiduciary rule, as of early 2023 there are no plans to do so. Rather, investors interested in working with financial fiduciaries are encouraged to inquire directly with various professionals, as there are still some guidelines in effect.

Broker-Dealer Fiduciary Obligations

In June of 2019, the SEC passed its own version of the fiduciary rule, called Regulation Best Interest (RBI). It says that all broker-dealers (which includes brokers) must act in the best interest of the retail customer when making recommendations, without placing their financial interest ahead of the customer’s.

According to the SEC, broker-dealers must adhere to the following obligations:

Disclosure Obligation: provide certain required disclosure before or at the time of the recommendation, about the recommendation and the relationship between you and your retail customer;

Care Obligation: exercise reasonable diligence, care, and skill in making the recommendation;

Conflict of Interest Obligation: establish, maintain, and enforce written policies and procedures reasonably designed to address conflicts of interest; and

Compliance Obligation: establish, maintain, and enforce written policies and procedures reasonably designed to achieve compliance with Regulation Best Interest.

Not everyone is convinced that the new RBI standards do enough to protect the consumer. Additionally, the new RBI rules may have actually weakened the need for some Registered Investment Advisors to work in a fiduciary capacity.

Questions to Ask a Fiduciary Financial Advisor

Because the rules of fiduciary responsibility remain somewhat up for interpretation, the waters remain a bit murky for some retail customers, and the responsibility for finding a fiduciary requires effort on the consumer’s part.

Ask questions, carefully consider investment recommendations, and challenge possible conflicts of interest. It is good to be in the habit of asking the person you intend to work with whether they’ll be acting with fiduciary responsibility. Do not hesitate to ask them outright, “Are you a fiduciary?”

Then, ask them to clarify what fiduciary responsibility means to them, their title, and the institution that they represent. Also, consider how they are being compensated, i.e. what does the financial advisor charge? Much, although not all, can be sussed out via the compensation model.

The Fiduciary Versus Suitability Standard

Previously, broker-dealers may have adhered to what is called the “suitability rule,” as opposed to a fiduciary rule. Although broker-dealers are now technically held to a fiduciary standard, it’s an important word to know, just in case you work with someone who does not fall under the SEC’s regulatory purview. Suitability is not the same fiduciary responsibility.

The rule by the Financial Industry Regulatory Authority (FINRA), a non-governmental regulatory organization, requires that a firm or associated person have “a reasonable basis to believe” that a financial or investment recommendation is suitable for the customer.

The firm needs to make this determination based on the customer’s “investment profile,” which can include age, other investments, financial situation and needs, taxes, liquidity and risk tolerance, among other factors.

How to Find a Fiduciary Financial Advisor

Finding a financial professional that assumes fiduciary responsibility is a great start.

That said, there is more to finding a trusted financial advisor than simply adhering to fiduciary standards. Being a fiduciary doesn’t guarantee that a financial professional offers the right service for you, or even that they’re someone that you’ll want to work with.

For example, a doctor may have a license to practice, but not a good bedside manner. Or, you may need a dermatologist, so making an appointment with a pediatrician won’t do.

Here are a handful of the services offered in the financial help space, along with their respective adherence to fiduciary guidelines.

Registered Investment Advisors (RIAs)

Generally, RIAs manage investment portfolios on behalf of customers. They may or may not offer other services, such as comprehensive financial planning.

Previously, all RIAs were held to a fiduciary standard. Counterintuitively, this may have changed with the new RBI standards, which may have loosened standards for RIAs.

Brokers

Brokers, such as a stock broker, are professionals who buy and sell securities on behalf of clients. Typically, a broker works on some form of commission from the sale of securities.

Before the RBI, brokers were not held to a fiduciary standard. They are now held to the new standards, though it remains to be seen exactly how this will shake out within the industry.

Certified Financial Planners (CFPs)

CFP^® may offer more holistic financial services, such as financial planning, budgeting, and personalized investment advice. Not all financial planners are CFPs — you may want to ask about the credentials of the professional you want to work with.

The CFP Board “supports a uniform fiduciary standard of conduct for all personalized investment advice. This fiduciary standard of conduct should put the interests of the client first, and should include both a duty of care and a duty of loyalty.”

Again, it is important to seek out the professional that will best serve your needs.

If a financial professional suggests a product or strategy, do not be afraid to ask questions.

How Are Fiduciary Financial Advisors Compensated?

Financial professionals are compensated in several different ways:

Fee-only

In this case, you would pay a financial professional, such as a CFP^®, a fee to sit down and discuss a financial plan or roadmap. This could be a one-time meeting, or meetings could take place at regular intervals (such as quarterly or annually). If a financial planner is fee-only, then they will not receive any additional commissions on products being sold.

Fee-based

An advisor who is fee-based may charge a fee and collect commissions. This fee could be a one-time or annual fee, or it could be measured as a percentage of assets under management. For example, an investment advisor could charge a 1% annual fee.

Assets under management

Similarly, some investment advisors and planners who manage an investment portfolio may charge a percentage on top of assets that are being managed.

Hourly

Some financial professionals may charge by the hour. This may be more common for financial coaching and planning than wealth management.

Commissions

Commissions typically come in the form of payments to the financial professional, from the company that creates the product. Commissions are common on insurance products, like annuities and life insurance, and some actively managed mutual funds.

It is possible that a financial professional be compensated in multiple ways. Be sure to ask.

A popular choice for those just getting started is a fee-only fiduciary financial planner. To find a fee-only fiduciary financial planner, you may want to check a database like XY Planning.

The Takeaway

Fiduciary financial advisors are professionals who are legally obligated to invest money or give retirement advice that’s in the best interest of their clients.

Among the requirements fiduciary financial advisors need to abide by are minimizing conflicts of interest and being transparent about how they are compensated. Acting in good faith and giving accurate financial advice are also guidelines that fiduciaries are supposed to follow.

Investors looking for trusted help should try to find a fiduciary financial advisor. Some robo-advisors and online investing platforms offer access to a financial planner who can answer questions for investors.

Ready to invest in your goals? It’s easy to get started when you open an Active Invest account with SoFi invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here). Also, members can access complimentary financial advice from a professional.

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