IRS Crackdown on Improper Self-employed Retirement Deductions

A report by the Treasury Inspector General for Tax Administration told the IRS to put in better controls to detect improper self-employed retirement deductions. It’s believed that about 2% of tax returns claiming deductions for contributions to retirement plans by self-employed individuals did not have evidence of self-employment. It’s not clear what the IRS will do to put better controls in place; the report makes various suggestions. #Ideaoftheday