Clinton Admits Tax Errors
One sure way to know important political races are just around the corner is that the news is full of stories about the candidates, money, and taxes. In recent weeks Hillary Clinton has been the subject of many of these stories, because the Clinton Foundation’s tax returns have been the subject of public scrutiny. Specifically, questions were raised as to how financial donors with governmental ties were noted on the Foundation’s tax returns.
The CEO of the Clinton Foundation has now admitted mistakes had been made. The Foundation had this to say:
- Errors in how the donors were reported by the Foundation in its tax returns were identified.
- The Foundation spokesperson said remedial measures were being taken and amended returns filed to correct the errors.
- The errors were contained on statements required to be filed in order for the Foundation to maintain a tax exempt status.
Whether the measures being taken to fix these problems resolves the public skepticism, or risk of IRS examination remains to be seen. In your life, errors made on taxes could result in an audit or investigation by the IRS into the accuracy of the information provided on your income tax return. In order to make sure your return is prepared properly, enlist the assistance of a trained legal professional. If you have already filed a return and are facing questions by the IRS, speak with a legal tax professional before providing answers. We will analyze your case and help develop a strategy that minimizes the impact caused by errors on your return.