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



More Taxpayer Misconceptions

Apparently, there’s no end to the ridiculous things taxpayers believe

View the slideshow >>


Dumbest Employee Excuses for Being Late

Running a little late could have big repercussions, especially at a firm in the midst of busy season. From escaped zebras to must-see TV, employers told CareerBuilder some of the most memorable excuses they've heard from tardy employees.

View the slideshow >>


Common Taxpayer Misconceptions

The NAEA’s collection of ridiculous things tax clients believe

View the slideshow >>


The 10 Fastest-Growing Firms in the U.S.

The firms with the highest 2013 revenue growth in our Top 100 Firms/Regional Leaders list

View the slideshow >>


Top 10 Tech Trends for 2014

As companies gain more affordable access to new technology and platforms, they also seek to make smarter investments. As we begin 2014, James Cashin, partner at McGladrey, has identified 10 common strategies in how companies are capitalizing on their IT investments to best implement process improvements and increase performance.

View the slideshow >>


Most Unusual Sales Tax Changes Last Year

The Tax & Accounting business of Thomson Reuters has compiled its annual sampling of quirky sales tax changes passed or implemented in 2013.

View the slideshow >>


Strangest Tax Deductions

The Minnesota Society of CPAs recently conducted its annual CPA member survey about the most strange and unusual tax deductions proposed by clients. The responses included everything from pets and wedding rings to gifts not given.

View the slideshow >>


A Taxpayer Bill of Rights?

The Taxpayer Advocate proposes a list of rights — and responsibilities

View the slideshow >>


The Top Stories in Accounting in 2013

Our editors’ picks for the biggest stories in accounting in 2013

View the slideshow >>


10 Ways to Attract Talent and Show Off Your Firm’s Assets

Is your firm attracting the right kind of candidates—or any candidates? Dawn Wagenaar, a principal at the accounting and professional consulting agency, Ingenuity Marketing Group, offers 10 ways for firms to attract the hottest talent.

View the slideshow >>



Advertisement

Advertisement

Advertisement

Advertisement