You’ll have the time because you’ll be doing time.

Dishonest return preparers can cause many headaches for taxpayers who fall victim to their schemes. Remember that no matter who prepares the returns the taxpayer is ultimately responsible for its accuracy.

Stanley was referred to me by his attorney because he was being audited. His prior accountant, who has conveniently dropped out of sight, advised him it was ok to substantially underreport the rent income he received on his condo because “the tenant pays cash so no one will ever know”. The IRS did not believe that year after year Stanley would continue to incur tax deductible expenses in excess of his income and so they started to ask questions. Fortunately for Stanley the auditor was receptive to a negotiated settlement so Stanley won’t be referred to the criminal division for further investigation.

If you are, or know, someone who owns a traditional cash business such as a dry cleaner, restaurant or salon it may be time for a reality check. Call me at 678-624-4775 or send an email to Peter@TarantinoCo.com

Let’s work together to get in front of the problem before it pushes you into trouble. Remember at Tarantino & Co CPA also stands for Close Personal Attention.