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Thanks for the E&O info, that is very helpful!
My return was filed in October (an extension). My accountant explained the reason for my significant refund was because she was able to apply my business "losses" to a previous return. She is certified, prepared the return, presented the return to me, BILLED ME and filed it with the IRS. In anticipation of the return, I decided to reinvest the 16,000 in my business by purchasing merchandise for my showroom.
Is there any recourse here? Or just my error for trusting my CPA?
Thanks so much! (the answer I expected on the 16K, just thought I'd check in case) Lastly, I've been reading a little about E&O insurance since your reply and I'm not getting the impression that it's "required" in every state. I'm certainly hoping that it is in Virginia, and that my accountant has it. If for some reason she doesn't?
Excellent advise - really appreciate the service!