Quote:
Originally Posted by Wnhough  As mentioned previously, " Your CPA should be attending the audit with you. He/she should be explaining How he arrived at the amount of taxes owed. As long as he made a silly mistake then he/she should pay; however, the error was based on false information provided by you then you pay. So you need to contact the CPA. Give him a copy of the notice from the IRS and ask what's going on. " |
I didn't provide to our CPA any other info other than the bank transactions, which I enabled from our Quickbooks.
Though I am not familiar with business taxes, I could see that he used 15 year amoritization for the depreciation instead of 27.5 years (I think). This is one of the errors I could understand. Also he deducted meals and entertainment though the business was not up and running. I assume all these qualify as errors made by CPA and so is liable for the penalty being assessed by the IRS.
We didn't receive any audit notice. Should we wait for an audit notice or just request IRS for an audit to straighten things out?
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