OK…forty years in this business, ( and today may be the day I may most remember).
A colleague asked if I would take a look at a friend’s box-program tax return to see if it was done correctly. I proposed to run the data into our system and check the differences. Everyone thought that was a neat solution. However, I had no idea at the outset, HOW neat.
The new clients are wonderful people. They are highly educated professionals with Schedule C income. After running parallels. I noted that the client did not have a IRC Sec. 199A (20%) deduction for their business income. They returned to their vendor, who told them (and I quote) “we only allow you to make that deduction if you are involved in a pass-through entity”.
Now I cannot say for sure that these folks checked every box that they needed to on the software, but I can say that if this is not set up as an easy automatic, they (along with many others), would skip over taking a very valuable deduction. And, I am dealing with very intelligent people!
Folks, I know I sound like a broken record, but “do it yourself” can cost serious money.
Meanwhile, if you would like for us to do what we are able to do for these clients by running checks of your returns, kindly let me know.