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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29960
Experience:  Taxes, Immigration, Labor Relations
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My CPA omitted information in 2013 which caused me to be audited.

Customer Question

My CPA omitted information in 2013 which caused me to be audited. I just had my 2015 taxes prepared and could not understand why I was paying more taxes than I did in 2014 when my income was the same. When comparing the two, I again noticed that information was omitted. My husbands pension was on two 1099's and only one showed on my taxes. this is going to cost me a lot of money when I have to find an amended 2014 tax return. Can I sue my CPA?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
If there was a mistake - you may just amend your tax return and calculate new tax liability.It might be more or less depending on withholding from pension.If you will owe additional taxes - and pay later - the penalty will be 1/2% per month plus interest charges currently 4% annual.So - that should not be a lot.But as long as your CPA made a mistake - most likely -he will be willing to reimburse you damages.I would suggest to communicate with the CPA and negotiate.In additional - most likely the CPA will amend your tax return without any additional charge.Questions?
Customer: replied 1 year ago.
I am so angry. I have a large tax bill already and this will just devastate my savings. How long can I wait to fix this? Should I wait for the IRS to find the mistake?
Expert:  Lev replied 1 year ago.
Not to wait...
Expert:  Lev replied 1 year ago.
I might suggest - not to wait - and get back to your CPA pointing on that mistake - and asking to prepare amended tax return - so you will know exact additional tax liability.Then - you may ask the CPA to reimburse your damages and refund tax preparation fees.Generally - that would be reasonable.Mistakes happen - so do not overreact - just work out the appropriate resolution.Sorry for your situation..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.