{"id":3139,"date":"2009-04-09t07:38:51","date_gmt":"2009-04-09t12:38:51","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=3139"},"modified":"2015-10-23t03:22:15","modified_gmt":"2015-10-23t07:22:15","slug":"obama-teams-tax-problems-so-whos-perfect","status":"publish","type":"post","link":"\/\/www.g005e.com\/2009\/04\/09\/obama-teams-tax-problems-so-whos-perfect\/","title":{"rendered":"obama team’s tax problems: so who’s perfect?"},"content":{"rendered":"

and what are the lessons for cpas?<\/strong><\/p>\n

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nellen<\/figcaption><\/figure>\n

“these problems raise the question as to whether return preparers are asking the right questions and seeking sufficient documentation,” according to prof. annette nellen in this week’s aicpa tax insider.<\/a><\/p>\n

nellen groups the tax errors into five main categories:<\/p>\n

    \n
  1. overlooked income, such as due to a missing 1099 or income not reported on a form w-2 or 1099.<\/li>\n
  2. missing documentation, such as for charitable contributions or entertainment expenses.<\/li>\n
  3. lack of preciseness in the law, such as how to allocate tax preparation fees between schedule a and schedule c or e.<\/li>\n
  4. insufficient research, such as misclassifying overnight camp expenses as qualifying for the dependent care credit or not reporting income donated to charity.<\/li>\n
  5. insufficient attention to other taxes, such as employment taxes on household help.<\/li>\n<\/ol>\n

    she wonders:<\/p>\n

    talk in the press and on blogs questioned whether the tax problems were just a sign of tax law complexity. arguably, some errors, such as overlooking a form 1099, are not due to the complexity of the law, but perhaps to complexity of one’s work situation. some errors, such as inadequate documentation for charitable contributions or thinking that both overnight and day camp qualify for the dependent care credit, are due to complexity. however, additional research, time and attention might have caught these errors prior to filing. but, how much time is needed to generate an error-free return and is such a goal achievable?<\/em><\/p>\n

    and she offers suggestions for avoiding errors:<\/p>\n