2006-12-18 00:56:36 · 7 answers · asked by lake_george_kid 1 in Business & Finance ➔ Taxes ➔ United States
You are ultimately responsible for your taxes regardless of who does them.
You should always look over the figures making sure all are accounted for. Ask questions if you do not understand something. Dont assume that they are correct most preparers are human and occasionally make mistakes.
Most tax preparers will help right the wrong, pay penalties and interest but not the actual amount owing because that should have been paid in the first place.
2006-12-18 05:38:53 · answer #1 · answered by T D 2 · 2⤊ 0⤋
Most are insured if they are in a firm. If the return is done wrong then they should amend the return and pay the penalties. YOU ARE STILL RESPONSIBLE for the tax if it was just an error in preparation. If it was an error in advice given then they are responsible for the tax.
You can always sue the tax preparer in small claims court (usually up to $1,500 in most states) to recover your penalties without a lawyer. Contact them first by letter to tell them this is what you plan to do. Accountants will want to settle before they go to court (the attorney fees are usually more the the settlement amount and the publicity is not good).
2006-12-18 09:42:40 · answer #2 · answered by dillon Y 3 · 0⤊ 0⤋
You don't actually have to carry insurance or even any qualifications to call yourself an account. (In the UK) A reputable accountant should have professional liability insurance. However if you taxes have been filed incorrectly and you have overpaid you should be able to claim a rebate from your tax authorities and should pay interest at just above base.
2006-12-18 01:27:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Properly licensed CPA's and Enrolled Agents will carry insurance. That insurance will cover interest and penalties, but only to the extent it is the practitioner's fault.
Most tax professionals do not offer to pay the additional taxes due as a matter of routine.
2006-12-18 01:00:53 · answer #4 · answered by skip 6 · 1⤊ 0⤋
if he did no longer owe taxes for the years he did no longer report he will have the skill to get his refunds. greater effective than probable at his age, he became taxed at a severe adequate fee that he could get a reimbursement except he made a huge volume of money tell him to get on it. If he does owe - the subject will only get greater effective and larger because of the fact outcomes and expenses accrue at a detrimental fee. he's in all likelihood only fearful approximately no longer something and only desires to make the leap and do it. He could pass to H&R Block - they are in a position to do it for him and that they've viewed this all earlier so there is not any could desire to be embarrassed.
2016-12-18 15:20:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Most due but that is to cover your suing them. To avoid that they will likely cover any amount of interest/penalty caused by thier error but not all "back money owed". If you got a refund but really owed money you have to pay back the refund yourself.
2006-12-18 01:34:14 · answer #6 · answered by vegas_iwish 5 · 0⤊ 0⤋
no H&R Block dont they screwed me over a few years back
2006-12-18 01:06:51 · answer #7 · answered by Dink 3 · 0⤊ 0⤋