Business owners believe they pay too much in taxes to the IRS, and in reality, most actually do. These days your accountant has to “play it safe”. This is not reducing your tax bill.
Many times a tax preparer’s work on a typical return is subject to ‘interpretations’ of the tax code. New legislation may force preparers who hope to lower a client’s tax bill to be less aggressive with respect to these interpretations, or else they may risk substantially increased penalties.
Furthermore, if a tax preparer’s client insists on an aggressive deduction, the preparer may include a form explaining the circumstances. This could eliminate the potential preparer penalty, but it is a certain red flag for the IRS.
Contact Lance Wallach and his team of experts before the IRS contacts you! 516-236-8440 [email protected]