Submitted by Bigshit67 t3_11adzu1 in Connecticut
tookerken t1_j9s1e3i wrote
I suggest finding a local accountant and just paying the $80-$150 to have them absorb all the liability.
They will tell you exactly what you need and have the best access to it all.
SCMegatron t1_j9t17ox wrote
"absorb all of the liability"
Not at all true. The IRS may penalize your tax preparer (if they're a CPA). The taxes that are owed will be paid by you. You could go to tax court. The benefit is that you have someone that knows how to interpret and handle communication from the IRS.
tookerken t1_j9twex6 wrote
By liability I mean if any mistakes are made they absorb that liability of mistakes.
They will 100% be responsible if they screw up your tax returns, and that costs you money.
DeskFan203 t1_j9the4r wrote
Yeah no they do not absorb the liability. I use an accountant and when I sign off on my 1040s for them to be filed, I also sign off that I do not hold them accountable (ha) for any errors and have reviewed the documents.
My late grandmother was responsible for the firm doing this. The IRS billed her for something the accountant screwed up on, she went after the accountant and made him pay for the issue lol. That was an expensive learning lesson for the firm and after that, they adopted this policy. She was a force to be reckoned with...😅
tookerken t1_j9twla1 wrote
By liability I mean if any mistakes are made they absorb that liability of mistakes.
They will 100% be responsible if they screw up your tax returns, and that costs you money.
Add proven by the fact she was able to sue. You don't have to sign your rights away. And I would suggest that if any one of them does ask you to sign away their mistakes as a rate you go find another accounting.
My accountant here and the one that I've had previously they've always guaranteed their work.
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