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Hi , I received an inheritance and invested the money in an

Hi , I received an...
Hi , I received an inheritance and invested the money in an already existing unit trust account. should I inform the accountants that I had done that?I gave the accountants the tax certificate when it came to tax time.This included tax for interest from the inheritance.They said they did not receive the certificate until after they did the return and sent it to SARS.So they did not include the tax on the interest in the return. They knew they should have the certificate and did not ask me before they sent the return into SARS .Can an accountant send in a return to SARS knowing that the amount was not declared.SARS then must have thought I was deliberately not including the tax so they penalised me .Eventually I got the penalty back.I really did not know that I needed to inform the accountants about the inheritance .
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Answered in 16 minutes by:
6/30/2013
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,251
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D :

Hello and thank you for using Just Answer,
It is fortunate that you were refunded the money. The fact that you knew of the inheritance and did not inform your accountants and the fact that they appear to have filed without the needed information seems to show that you each have responsibilities in the interest not being reported.
No, an accountant should not send a return when they have knowledge that information is missing. A taxpayer though has the responsibility to inform the accountant about all information even if the information may not be important in the end.
In short, you should disclose all information an dyour accountant may want to rethink their interview process so they can ascertain if a taxpayer may have a potential for penalty on disclosures.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,251
Experience: 15years with H & R Block. Divisional leader, Instructor
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