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SOURCE Minnesota Society of Certified Public Accountants
In the news release, MNCPA issues annual list of strange tax deductions, issued 28-Feb-2013 by Minnesota Society of Certified Public Accountants over PR Newswire, we are advised by the organization that in the original release, number 5 in the list of unacceptable deductions, "Ch-ch-changes: Men may be from Mars and women from Venus, but medical expenses related to a sex-change operation are not deductible on any planet, which was news to one filer" should be disregarded because medical expenses related to gender reassignment surgery are deductible when certain criteria are met. The complete, corrected release follows:
MINNEAPOLIS, Feb. 28, 2013 /PRNewswire-USNewswire/ -- The Minnesota Society of Certified Public Accountants (MNCPA) recently surveyed its CPA members about the most creative tax deductions proposed by their clients. Responses included everything from swimming pools and manicures to poodles and non-existent children.
"Creativity is rewarded in many parts of society, but not by the IRS," said MNCPA Chair Barbara Steinhauser. "And many of the creative deductions our members identified in the survey would've resulted in intervention by the IRS had a CPA not interceded and encouraged the tax filers to remove them from their tax returns."
With changing tax laws on both a state and national level, taxes have grown more complex, underscoring the value of CPAs to their clients.
"Claiming an error on your tax calculations because tax preparation software said it was 'okay' is not an acceptable defense with the IRS," Steinhauser added. "CPAs are professionals who understand and monitor changing tax laws and serve as valuable counselors to their clients."
Here is the MNCPA list of strange-and unacceptable-deductions for 2012:
Questions about what you can and can't deduct on your taxes? Contact a CPA. Don't have one? Visit www.mncpa.org/referral, or call 800.331.4288.
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