I was confused if I need to tell the accountant that I filed bankruptcy 7. I felt humiliated just to think about it. I was struggling financially and felt can't sustain to keep it open. I made that decision even though it was tough. Everyday it was a burden emotionally, mentally, and physically.
I want to do it right so I need advise if I should tell the accountant or may not. How many years you can go back to make an amendment (Individual Income Tax)? Thank you so much for the advise in advance.
There is no law that requires you to disclose your bankruptcy to your accountant (unless your accountant was your creditor at the time you filed the bankruptcy).
So, you have no legal duty to tell your accountant that you filed bankruptcy.
On another hand, your filing of bankruptcy likely affects how your tax return (and other financial processes) should be done. As a professional, I want to know all the relevant facts. Other professionals presumably want the same.
So, for example, if a creditor to whom you owe a debt sends you a informational tax return showing a debt that was discharged in bankruptcy, your accountant presumably will tell you that you owe no income tax on that money if the accountant knows about the bankruptcy. If you do not tell your accountant of the bankruptcy, the accountant may give you a different advice.
Professionals keep their clients' information in confidence. That is, we do the work; we do not gossip about clients. (At least, we are not supposed to be gossiping about clients.)
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