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The NAEA also asked the 2,300 members polled about the biggest mistakes taxpayers made in responding to an IRS notice. The top answer? Pretty much everything …
1. Failing to report payment as an independent contractor
2. Improperly managing Forms 1099-B and/or Schedules K-1
3. Filing early without all necessary financial documents
4. Failing to report bonuses, commissions and/or manufacturer incentives
5. Math errors by do-it-yourselfers
Wait – don’t answer that!
“Resolving tax disputes with the IRS is not a job for the do-it-yourselfer,” said NAEA executive vice president Cedric Calhoun in a statement.