interest and penalties owed how responsible is my cpa
I feel I have an incompetent cpa who
has caused me to owe a tremendous
amount in interest and penalties...I am
glad to pay any taxes I might owe, but I
think he should be responsible for the
interest and penalties.
1 Answer from Attorneys
Re: interest and penalties owed how responsible is my cpa
What is your question? You made statements but didn't specifically ask anything. Assuming the question is is the CPA liable, then the answer depends on many things. First, the CPA must have been negligent in some fashion that resulted in the return being in error or, in some limited cases, an election not having been timely or properly made. Usually, the CPA is not liable for the tax, but may be liable for any penalties or interest. He may also be liable for the costs of correcting the error. The statute of limitations for professional malpractice in Florida is two years from the time you knew or should have known that malpractice occurred.
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