Q&A
Q: What percentage of tax reviews result in a refund? What is the average refund amount?
A: Approximately 67% of all returns reviewed uncover overpayments; with refunds due to our clients that average $1,100, plus interest.
Q: Are my tax documents returned?
A: You will receive a copy of all filed amended tax returns. If the tax reviewer determines you are paying the appropriate amount of tax, your tax documents are permanently discarded.
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In a Limited Study, Chain Preparers Made Serious Errors
In GAO (United States Government Accountability Office) visits to chain preparers, paid preparers often prepared returns that were incorrect, with tax consequences that were sometimes significant. Some of the most serious problems involved these preparers
- not reporting business income in 10 of 19 cases;
- failing to take the most advantageous postsecondary education tax benefit in 3 out of the 9 applicable cases; and
- failing to itemize deductions at all or failing to claim all available deductions in 7 out of the 9 applicable cases.
More clippings from the report:
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The 19 paid preparers we visited arrived at the correct refund amount only twice. On 5 returns, all for the plumber, they understated our refund amount by a total of $3,465.
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All 19 of our visits to tax return preparers affiliated with chains showed problems. Nearly all of the returns prepared for us were incorrect to some degree, and several of the preparers gave us very bad tax advice, particularly when it came to reporting non-W-2 business income. Only 2 of 19 tax returns showed the correct refund amount, and in both of those visits the paid preparer made mistakes that did not affect the final refund amount.
(warning: large file)
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