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re: Should I find another CPA?

Posted on 5/5/15 at 1:36 pm to
Posted by WarmBubble
Member since May 2007
1891 posts
Posted on 5/5/15 at 1:36 pm to
quote:

If you provided the accountant with the Form 1098-E reporting the student loan interest, and the CPA neglected to include it on your tax return, then he should feel an obligation to correct his negligence. If he will not acknowledge his negligence and correct it for free, then you probably should seek another advisor.


I filed my taxes from 2013 with Turbo Tax. I do beleive I reported my student loan interest then. I thought I had given him a copy of the final report, but I need to go back and check. And no, I did not give him the 1098-E form from 2014. It completely slipped my mind.

Prior to giving him a list of expesnes from 2014, he did provide me a grid with the categories for all my business expenses (This, I thought, was very helpful). Common deductions for a married acouple were never really discussed though. The business was the major theme for every session.

My wife and I figured there would be more deductions, however, in addition to the busines. We asked him clearly what other deductions could be made (Perhaps TurboTax had spoiled us in the previous years). We bought a house in 2014 and so he told us about real estate insurance interest. My wife was also in shcool so we included any expenses related to this (she did not take out a loan, however).

But looking back, he didn't ask us about student loan interest, nor did we think about it at the time.

So all-in-all, I guess both parties dropped the ball. It just seemed odd, espcailly after several meetings, that something as major as student loan interest (for either of us) was never discussed. I have yet to confront him about my issues, but I will express my concenrns about the making sure something like this doesn't happen again.

Thank you all for your responses.
Posted by hungryone
river parishes
Member since Sep 2010
11987 posts
Posted on 5/5/15 at 1:41 pm to
We quit using a CPA years ago when we realized he added little/no value to our return prep. We itemize, my better half is a sole practitioner, I have some 1099 income. In short, not rocket science for the decently educated and mathematically competent. Many annual summaries of tax law changes are out there, so unless you have a big change in status, open a new business & incorporate, etc, it's not radically different each year.

We found we did not need to pay someone $500 to fill out the form. (We track all of our expenses/deductions during the year, so at tax time, things are pretty straightforward.)
Posted by Tiger n Miami AU83
Miami
Member since Oct 2007
45656 posts
Posted on 5/5/15 at 6:53 pm to
It wasn't on your 2013 return and you didn't give him the 1098-E for 2014.

Not being an arse, but this is 90% on you. I would charge you as well for an amended return unless you were a large client that was already paying a lot for my services.

My advice is still to just fill out the 1040X yourself. It is a very simple 2 page form. There is only 1 change to make. Probably take 1 hour to do.

Here is a link to a printable form you can fill out yourself, print and drop in mail in about the amount of time you have probably spent in this thread.

LINK
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