68% of S Corp Tax Returns Have Errors
According to IRS data, about 68% of S corporation returns filed for taxyears 2003 and 2004 (the years data were available) misreported at least oneitem. About 80% of the time, misreporting provided a tax advantage to thecorporation and/or shareholder. The most frequent errors involved deductingineligible expenses, which could decrease S corporation shareholder taxliabilities. www.vieracpa.com
Posted by Gustavo A Viera CPA 1 at 2/4/2010 1:15 PM 
Categories: Tax, QuickBooks, Condo, Audit, Accounting
Tags: miami accountant financial projections compensation Payroll Taxes S Corp cpa miami audit miami cpa accountant miami QuickBooks accounting small business tax
Categories: Tax, QuickBooks, Condo, Audit, Accounting
Tags: miami accountant financial projections compensation Payroll Taxes S Corp cpa miami audit miami cpa accountant miami QuickBooks accounting small business tax
I can't tel if my comments are going through or not. Wonderful post, this is why people should seek a CPA for tax advice and problems.
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I hope that those companies can get some of there money back. I know I had an error that wasn't my fault and I got some money back this year. It was for sure a very nice surprise to see that I got more money back. Hopefully next year I won't have to go thought that mess again.
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