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TurboTax to Blame?

6/21/2017

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Taxpayer used TurboTax to prepare his return. He claimed interest on a large business-related loan that was secured by his home. He also made a verbal agreement to his ex-wife to increase her spousal support payments by $3,000, and then claimed an alimony deduction for the higher amount. The IRS disputed these deductions and assessed penalties. Taxpayer then attempted to claim that TurboTax lured him into claiming the deductions. The IRS, and the Tax Court disagreed, and the tax payer had to pay penalties on his improperly filed return.
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The more complex your return, the more difficult it is to ensure it is prepared properly. Let our professionals help ensure you get all your deductions without claiming more than you are allowed. Don’t prepare it yourself; bring it to us!
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Real Estate Assessments

6/15/2017

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Taxpayers had several rental properties and erroneously included the value of the land with the buildings on their depreciation schedule and income tax return. To correct their return, the IRS turned to the taxpayers’ public county records to determine the value of nondepreciable land and adjust the  depreciation claimed. The taxpayers argued that county assessments are very inaccurate and inconsistent. The Tax Court disagreed and decided that public county assessor records can be used to allocate the land portion of real estate for tax filing purposes.

We can help make sure this doesn’t happen to you. Let our office prepare your returns to make sure that you don’t find yourself in this situation!

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