IRS Publishes Top Errors


The IRS recently listed the most common errors professional tax preparers made on returns. The list reflects 1040 form information received by the IRS through May 19, 1999.

  • Taxpayer identification numbers or names for dependents on returns didn't match the IRS or Social Security (SS) records. (The IRS didn't allow the exemptions or didn't allow all or part of the child tax credit.)
  • Primary Social Security numbers or names of dependents didn't match IRS or SS records. (The IRS made the corrections.)
  • The tax preparer incorrectly entered or calculated the earned income credit.
  • The Social Security number for children who qualified the taxpayer for an earned income credit didn't match SS records. (The IRS changed the earned income credit.)
  • A dependent's last name was incorrectly entered on the return.
  • The return didn't include nontaxable earned income from form W-2. (The IRS changed the earned income credit.)
  • The child tax credit was figured incorrectly.
  • The tax preparer failed to mark the box(es) for the qualifying child tax credit, line 6c(4). 

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

CHECKLIST

Being responsive to clients

CPAs and their firms have daily pressures and hectic schedules, but being responsive is crucial to client satisfaction. Leaders in the profession offer advice for CPA firms that want to be responsive to clients.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.