CPA firm's errors in preparing irrevocable trust tax return, remedies in CA
Los Angeles, CA
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Posted about 1 year ago in Trusts
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CPA accounting firm errors on tax return:
A CPA firm prepared my irrevocable trust tax return along with numerous other family members (they have the same trust, same money manager) for the last 10 years. Last year I decided to prepare the return myself because the cost to prepare the return had ballooned. After reviewing the past years returns I discovered the accountant had not expensed the preparer fees AND the money mangers fees, which total over 20k. The strange thing is the other 3 trust returns had the fees expensed. Since the statute of limitations has passed, I cannot amend the returns. Do I have any recourse against the CPA firm?
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Answers (1)Michael E Hendrickson
This attorney is licensed in Dist. of Columbia.
Posted about 1 year ago.
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Yes, tell them that you expect to be compensated for their mistakes/errors on your trust tax return which have resulted in an estimated loss to you of X dollars.
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