Lax Tax Oversight

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(NBC News)  Federal auditors have released a scathing report on the tax preparation industry,  calling much of the industry incompetent and sometimes even crooked. 

The report from the Congressional Government Accountability Office released Tuesday says if you used a tax preparation service, chances are mistakes were made.

"In 19 visits to randomly selected commercial tax preparers...in only two instances did the tax preparer calculate the correct refund amount," says the GAO's James McTique. 

The GAO study found more mistakes in returns prepared by a tax service than those prepared by the taxpayer, and says part of the problem lies in an unregulated industry.

Only a fourth of the nation's tax preparers are accountants or lawyers.


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