Free Site Registration


IRS's Top Tax Mistakes of 2012

The Internal Revenue Service's list of the most common errors it sees from taxpayers and paid preparers on tax returns is a sobering reminder that nobody is perfect. Here's what the IRS had to do to fix the most prevalent mistakes.

Social Security Benefits Social Security Benefits

The IRS needed to change the amount of taxable Social Security benefits because there was an error in the taxable amount.
Image: Shutterstock

Capital Gains Tax Rates on Dividends Capital Gains Tax Rates on Dividends

The IRS had to change the amount of tax because the tax rates on qualified dividends and capital gains are generally lower than the standard rates.
Image: Shutterstock

Tax Mismatch Tax Mismatch

The amount of tax entered was incorrect based on the taxable income and filing status.
Image: Shutterstock

Computation Error Computation Error

The IRS needed to change the amount of total income because there was an error in the computation.
Image: Shutterstock

Advertisement
Self-Employed Self-Employed

The IRS needed to change the adjusted gross income section because the entry for one half of self-employment tax was missing or incorrect.
Image: Shutterstock

Wrong Age to Claim the EITC Wrong Age to Claim the EITC

The IRS didn't allow the amount claimed as Earned Income Tax Credit because the taxpayer or spouse must be at least 25, but less than 65 years old, on December 31st of the tax year for which the tax return is being filed.
Image: Shutterstock

Incorrect Amount on Business Income or Loss Incorrect Amount on Business Income or Loss

The IRS had to change the amount of business income or loss because there was an error on Schedule C/C-EZ.
Image: Shutterstock

Repayment Installment for First-Time Homebuyer Credit Repayment Installment for First-Time Homebuyer Credit

The IRS has needed to calculate the amount of the repayment installment for the First-Time Homebuyer Credit that is due and added it to the total tax.
Image: Shutterstock

Advertisement
Health Savings Account Deduction Health Savings Account Deduction

The IRS had to change the amount of the health savings account deduction because there was an error on Form 8889.
Image: Shutterstock

Too Many Dependents Too Many Dependents

The IRS didn't allow one or more of the claimed exemptions because for one or more dependents, the SSN or ITIN was missing.
Image: Shutterstock



Tax Extenders You Can Count On

Tax extenders, temporary tax provisions that are reinstated by Congress on a regular basis, have been a recurring part of the tax arena for years. Most of the current group up for debate have expired at the end of 2013, and their eventual extension will be retroactive, but not all will be extended. Here are the best bets.

View the slideshow >>


The 2014 Technology Pacesetters

Our annual list of innovative accounting resellers

View the slideshow >>


Firm Fitness: 10 Ways to Keep Your Staff Healthy

Health and wellness perks from our Best Firms to Work For

View the slideshow >>


The Best Firms to Work For Awards 2014

Accounting Today recognizes the profession's best workplaces

View the slideshow >>


10 Year-End Tax Tips

As 2014 draws to a close, there may be more planning opportunities than ever before, but also more traps for the unwary, according to Grant Thornton LLP.

View the slideshow >>


The 2014 MP Elite

The third edition of our annual report highlights 10 outstanding accounting firm leaders.

View the slideshow >>


Most Unusual Resume Lies

The pressure to stand out in a sea of applicants may tempt job seekers at accounting firms and other businesses to be less than honest on their resumes. When CareerBuilder asked about the most unusual lie they've ever caught on a resume, employers recalled these doozies.

View the slideshow >>


10 Ways to Be More Memorable

Tips to help professionals stand out (in a good way)

View the slideshow >>


6 Tips to Prevent a Data Breach

The steps businesses should take to protect against a credit card breach, according to the AICPA

View the slideshow >>


7 Signs Your Best Employees Are About to Leave

Tell-tale indicators that your rock stars are eyeing the door

View the slideshow >>



Advertisement

Advertisement

Advertisement

Advertisement