Thursday, January 28, 2016

Top 12 Tax Return Preparation Errors

According to Ed Mendlowitz, the top 12 tax return preparation errors are: 
  1. Number transposition and spelling errors.
  2. Unreported 1099 income.
  3. Tax payments.
  4. Keeping review notes after the return is completed.
  5. Not correcting reason for tax notices for prior year on this year’s return.
  6. Not questioning numbers that stretch the imagination.
  7. Not following up enough with clients to get missing information.
  8. Not specifically asking clients if they have, can sign or control a foreign bank account.
  9. Not telling client about items that aren’t on return.
  10. High mortgage interest deductions.
  11. Alternative minimum tax.
  12. Not calling a client to relay unexpected (and especially bad) final results.
What do you think?

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