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i am going to be receiving a compensation payment. I am on incapacity benefit. Will the amount I receive affect my benefit payments is there a max amount?
im in ... |
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Ok, so I just read a news article about the guy who caught the Barry Bonds record breaking homerun ball.
He said that he has no choice but to sell it because he is going to be charged ... |
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 Hi Can you please some tell me why do employers charge additional 10% payroll taxes on employees.? |
Additional Details
Assume that employee is on Bench and he requested his employer to run his payorll for 1 month(on bench).
Does employer has right to charge 10% additional ... |
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 Is there a law which requires private citizens to pay federal income tax? |
I have been hearing that there is no actual law to this effect.
Could this be true? Please cite the specific laws and supreme court rulings which are relevant, if you can.
An 11 part ... |
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 Just checked Where's My Refund...? |
It is now corrected to say DD on 1/30. You all may want to check again! Interesting how they got the glitch fixed and was able to UPDATE WMR more than once a week! LOL
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Sapphire | Who is responsible regarding income tax mistakes? |
If I have a professional doing my taxes each year and I am now being audit on one of those years, am I responsibile and should I have to pay if there is a reimbursement problem or the accountant that prepared my taxes. And no, I did not provide any false information to my accountant.
Additional Details
It is amazing that I pay an accountant to do my taxes so that there won't be any mistakes, but yet, I am still responsible. The point and advantage in paying someone is why??
Yes, I am feeling very frustrated right now because legally, I cannot afford to fight the IRS. |
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bostonianinmo
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You, as the taxpayer who signed the return, are SOLELY responsible for the accuracy of the return.
Many tax professionals will reimburse you any penalties levied due to their mistakes and some will also cover the interest though there is no legal obligation for them to do either. YOU will be responsible for the additional tax in all cases though on the theory that you owed it anyway and would have paid it had the return been properly prepared.
If your tax pro does reimburse the penalties and / or the interest, keep in mind that that is taxable income to you and you must claim it on your tax return on the Other Income line.
In a case of gross negligence AND if the tax preparer refuses to cover the penalties you MAY have basis for a lawsuit to recover those penalties and possibly a small amount for punitive damages. You'd have to prove negligence and that can be hard (and costly) to do so unless you're talking about a huge penalty it's probably not worth it. |
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Judy1
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You are solely responsible legally. Many accountants will pay the penalties and interest if you owe any due to their mistake, but you are the one legally responsible for payment of not only the original tax, but also the penalties and interest. |
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muncie birder
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Just because you are being audited does not mean there is necessarily a problem. It is certainly possible that they might disallow some item if you can not verify it.
And to answer your question. Yes, you are responsible for the return.
Cheer up. I sat in an audit for 3 hours one time, and there was no problem. I did however have to run back home and get some documentation to prove an item on the return. |
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Scott M
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Many professional accountants provide a sort of guarantee or insurance. HR block does. So it will depend on the accountant. It ultimately is your responsibility but if your accountant provides the service guarantee, the firm/he/she will pay for it. |
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deejayspop
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you are responsible for your tax return |
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pporter
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You are responsible for your tax return unless the tax preparer reported something incorrectly. If this is the case the preparer should accompany you during the audit process. Otherwise, you are own. |
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ckm0917
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In the end you are responsibily, but the IRS does take into account who actually prepared the form, if the accountant signed the form. They still will look 99% to you to prove everything on the tax form. |
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Jammer
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I believe that ultimately you are responsible. A good CPA will go with you to the audit to explain/discover what they did. |
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Serious Sarcasm
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You are the one who is principally responsible for income tax mistakes so yeah... |
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