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Indeed you do. Many years ago I had a business. One year the state decided to audit my business. No biggie, I had paid all my taxes as required. Except I hadn't

by vitd 11y ago

Indeed you do. Many years ago I had a business. One year the state decided to audit my business. No biggie, I had paid all my taxes as required. Except I hadn't. My business was located near a big box warehouse and you could order on the website and go pick it up. This was when almost all online orders were claimed to be "tax free". I did that for a few hard drives and some other stuff. I ended up owing about $150 in back taxes and penalties because I hadn't manually figured out the sales tax I was supposed to pay and reported it. I was a little annoyed at my accountant whose reaction was, "Yeah, nobody pays that, though technically you're supposed to." Needless to say, I have a new accountant.

debacle 11y ago
That's a strange mentality. Many good accountants will weigh the chance of you getting audited + fined against the ROI of an "oversight." Your accountant was probably trying to save you money.
- dpark 11y ago
  > Many good accountants will weigh the chance of you getting audited + fined against the ROI of an "oversight." "Good" is a questionable descriptor here. I would think that a good accountant should follow ethical rules, which would exclude the possibility of knowingly breaking the law to under-report taxes.
  - brianwawok 11y ago
    Except which accountant will get more business. a) Hey I have a cousin Vinny. Great account. Knows every single rule and is always ethical. I sleep great at night b) Hey I have a cousin Jen. Great accountant. She found all kinds of crazy savings, saved me $1000 last year. People know in their heart they should go for the honest guy. But hey, saving money.. who can pass that up?
    - Navarr 11y ago
      Businesses. People who understand the risk, etc. Knowingly and intentionally not paying a tax by falsifying records probably does not sit well with the Internal Revenue Service. IRS can and has disbarred CPAs based on ethics [1]. [1]: https://www.irs.gov/uac/Newsroom/Certified-Public-Accountant-Disbarred-for-Multiple-Circular-230-Violations https://www.irs.gov/uac/Newsroom/Certified-Public-Accountant...

by vitd 11y ago

debacle 11y ago

That's a strange mentality. Many good accountants will weigh the chance of you getting audited + fined against the ROI of an "oversight." Your accountant was probably trying to save you money.

dpark 11y ago
> Many good accountants will weigh the chance of you getting audited + fined against the ROI of an "oversight." "Good" is a questionable descriptor here. I would think that a good accountant should follow ethical rules, which would exclude the possibility of knowingly breaking the law to under-report taxes.
- brianwawok 11y ago
  Except which accountant will get more business. a) Hey I have a cousin Vinny. Great account. Knows every single rule and is always ethical. I sleep great at night b) Hey I have a cousin Jen. Great accountant. She found all kinds of crazy savings, saved me $1000 last year. People know in their heart they should go for the honest guy. But hey, saving money.. who can pass that up?
  - Navarr 11y ago
    Businesses. People who understand the risk, etc. Knowingly and intentionally not paying a tax by falsifying records probably does not sit well with the Internal Revenue Service. IRS can and has disbarred CPAs based on ethics [1]. [1]: https://www.irs.gov/uac/Newsroom/Certified-Public-Accountant-Disbarred-for-Multiple-Circular-230-Violations https://www.irs.gov/uac/Newsroom/Certified-Public-Accountant...