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Hi
I have a client that under-reported income in both 04 & 05. The 04 amount not reported was large over $135,000 and the amount for 05 was under $20,000.
The situation is that he had a bookkeeper (not an EA or CPA) doing his books and preparing his tax returns. He never checked up on things and he signed whatever the bookkeeper told him to.
The amounts were put into the company, they were posted as owner investment instead of income.
The amount of penalty is almost $20,000 and they are charging him interest over $17,000.
Does anyone think that I have any hope in getting the numbers reduced? While the errors were technically his fault and all he can say is that he was stupid, but he is trying to fix things.
Any suggestions would be appreciated.
'
Thanks,
Cris
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Benita Myers, Enrolled Agent
Office and Fax: 916-691-6715
IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.
IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.
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