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IRS Allows Improper Retirement Plan Deductions Worth Millions, Inspector General Says
Accounting Today Mar. 30, 2014 "For tax year 2011, approximately 200 taxpayers who did not file a Schedule C, E or F to report their net earnings from self-employment claimed more than $2 million in SEP deductions on line 28 of Form 1040.... Reporting net earnings from self-employment is a requirement for taking a SEP deduction on line 28, [the Treasury Inspector General for Tax Administration] noted." |
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