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Is it me or does "failing to pay" makes it sound like a very innocent, act of overlooking? I know tax time there is almost not a single loop hole for me to exp
by flashgordon 5y ago
Is it me or does "failing to pay" makes it sound like a very innocent, act of overlooking?
I know tax time there is almost not a single loop hole for me to exploit (dont know if that is the cause or symptom of me not being a top 1%)? The best "advice" my tax advisor gives me is "oh if you don't want to pay more tax now why don't you pay more of it during the year"? Sometimes I wonder if the advisor is just taking the Mickey out of me!!
- rossjudson 5y agoTotally agree. Really rich people don't do their own taxes. They have armies of professionals doing that for them. The professionals don't get the "overlooking" defense, and neither should the person hiring them. Require the tax lawyers to formally sign off on the validity of the returns, and give them some form of liability or consequence if the dubious tax shelters they recommend turn out to be plain old tax cheatin'.
- qeternity 5y ago“Really rich people” are responsible for 25% of the problem here. Also, tax lawyers already have this responsibility. Go look at all the tax shelter cases that go brought against the Big Four and associated law firms.
- bmiller2 5y agoCPAs absolutely have their license on the line and are required to validate and sign off on the returns that they prepare. They are liable for claims against the validity of the return. Tax attorneys are different; they don't validate returns, they handle legalities around tax lawsuits and IRS negotiations. I don't think a tax attorney would generally be involved with preparing a return, except maybe for reviewing ultra-wealthy clients for potential legal consequences.