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Don't pay someone to make mistakes

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    #16
    Maybe after tax season TTB could make up a complex tax return and post the info so that the board members could complete the return and post the answer(s).

    The page by page results could then be reviewed. TTB's answer doesn't have to be correct, as complex returns can vary. It should be interesting and informative to all.

    In the end, the board members can vote on the most correct answer after all the reviews are done.
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.

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      #17
      Let's make it more realistic

      Make it more realistic.
      Post the return on Apr 13 and then bug everybody to get it done on time.
      "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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        #18
        Perhaps we should invite her to spend a day with us doing these "easy" tax returns.

        I agree that someone with a couple of W-2's and nothing else might not need me. But add in something that seems simple and it can grow complicted fast. And I include preparing a Sch A in that. It can grow complicated because they may not be able to deduct all of their mortgage interest. Or they may have investment interest. The list goes on. Nothing is easy.

        Put a return with a couple of 1099C's in front of her and ask her to complete that return correctly. We are seeing more and more of COD eaxh year. Or, perhaps someone has a really bad year in business and has a huge NOL. Ask her to prepare that return correctly.

        This woman is just showing her own ignorance. Maybe if we educate her, she will see?
        You have the right to remain silent. Anything you say will be misquoted, then used against you.

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          #19
          Journalism in America - RIP

          The author is a writer and her job is to sell magazines. Her article was meant to be provocative and eye catching. No one cares about substance anymore, just impact.

          What passes for "news" today is ridiculous. We are not informed. We are entertained. CNN, Fox, MSNBC - they are all reality entertainment shows. Journalism is dead in America.

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            #20
            I didn't need a professional to replace missing screw

            Originally posted by newbie View Post
            That is not how the article comes across. It generalizes all of us paid preparers. And although you can replace the screw, it might take a professional to figure out which screw to replace!
            I just recently replaced a missing screw on my dishwasher. I could have hired a professional who would have had a better screwdriver and maybe a better screw.

            There is a lot of difference between preparing a 1040EZ and a return with business, rent, taxable social security, IRA withdrawals, seller-financed mortgage income, dividends, interest, long and short-term capital gains, investment interest expense, office in home and unallowed passive loss on rental property. I had all that on my own return, and I would not advise Joe Sixpack, who might know how to replace the screw in my dishwasher, to try handling that on his tax return.

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              #21
              Internet & the media

              One of the reasons print journalism is in so much trouble relates back to the fatal problem the internet has created for traditional newspapers. Circulation is the key to profits in the newspaper business. But people turn to the internet more & more for their news, so subscription rates are falling through the floor, which lowers their circulation numbers, which has a negative impact on their ad rates. Advertisers know this so they put more pressure on the newspapers to give them special deals, which depresses profits even more. Lower profits mean less money to spend on journalism because they are having to focus on increasing revenue in order to keep the doors open.

              The newspaper business is in a death spiral, and this is only the tip of the iceberg for most print media. Since all the media use the same sources for most of their info, the spillover effect is impacting all journalism. Sensationalism is the only thing they have left, and it's cheaper to produce than hard news & real analysis.
              "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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                #22
                I Wonder

                Originally posted by taxxcpa View Post
                I just recently replaced a missing screw on my dishwasher. I could have hired a professional who would have had a better screwdriver and maybe a better screw.

                There is a lot of difference between preparing a 1040EZ and a return with business, rent, taxable social security, IRA withdrawals, seller-financed mortgage income, dividends, interest, long and short-term capital gains, investment interest expense, office in home and unallowed passive loss on rental property. I had all that on my own return, and I would not advise Joe Sixpack, who might know how to replace the screw in my dishwasher, to try handling that on his tax return.
                what the error rate would be if 10 EA's and 10 CPA's where furnished the same info you used to prepare the above return.
                Confucius say:
                He who sits on tack is better off.

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                  #23
                  I just wonder what my error rate was

                  Originally posted by RLymanC View Post
                  what the error rate would be if 10 EA's and 10 CPA's where furnished the same info you used to prepare the above return.
                  I may have done a few things wrong myself, but each item is something that most of us can probably handle, but when you put them all together there is a lot of opportunity to miss something.
                  The IRS could also miss something. I paid most of my estimated tax online, but mailed a final payment after Jan 15 using a 1040ES. Once before the IRS counted a similar payment as applying to the following year. Fortunately they corrected it after I called them, asking "where's my refund?}"

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