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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4624
Experience:  35 years tax experience, including four years at a Big 4 firm.
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Is a CPA and partner in a large CPA firm. One of s audit

Customer Question

is a CPA and partner in a large CPA firm. One of his audit clients was found guilty of issuing fraudulent financial statements. The SEC sued John for failure to find and disclose his client’s fraud. The suit demanded $100,000 of fines and $2 million of restitution. John settled with the SEC before the suit was decided. He paid the SEC $1 million. Discuss the taxation of this settlement. How would your answer change if the settlement was paid by the CPA firm?
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Submitted: 2 years ago.
Category: Tax
Expert:  PDtax replied 2 years ago.

Hi. PDtax here.

I did not work on the question you posted; their deadline has passed.

I can assist, but there would have to be a price increase. Please advise if you have time for this, and I will post an Offer.