From Carol McAtee’s CPA firm in St. Petersburg, FL – The Internal Revenue Service (IRS) reports that an increasing number of taxpayers are using software programs to prepare and file their own tax returns. However, the cost savings may not always be worth it, especially when starting a new business. Given the complexity and yearly changes in the tax laws, many taxpayers attempting to file on their own tend to mishandle many allowed business deductions and overlook required filings. This results in the taxpayer overpaying his tax bill and/or being subject to additional fees and penalties.
Additionally, according to the IRS, there are an increasing number of court cases where taxpayers have tried to avoid penalties by claiming the tax software used caused the underpayment of tax. Unfortunately, these cases has been denied by the courts, based on the argument that tax software programs are only as good as the information the taxpayers puts into them. In fact, not one taxpayer has won a case with this argument.
As tax professionals, McAtee & Associates can help ensure business owners and other taxpayers do not overpay their taxes and help them avoid the ever-increasing penalties. Contact us for assistance in all of your financial and tax matters.
ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (i) AVOIDING PENALTIES THAT MAY BE IMPOSED ON ANY TAXPAYER OR (ii) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN.
