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45. Tax Preparer - Red Flags - Avoid IRS Audit
YouTube Link:
https://youtu.be/mT2n4vESt-Q
Hello Friends! Often we choose a tax preparer just because it will cost us less for their service. Choosing a tax preparer on that alone, could cost you a lot of money in the long term. In this video I walk you through how to spot a shady tax professional.
š Subscribe for more tips just like this: https://www.youtube.com/channel/UCcja7IBZ2VZVsCdmGDjZiRw?sub_confirmation=1
Ā
-----Contents of this video-----------------------------------
0:00 - Intro
0:25 - If IRS suspects that a tax professional is shady, all the clients are subject to a special review
0:44 - #1. Charging you based on the size of the tax refund
1:08 - #2. Offering to cash your tax refund check
1:53 - #3. Not asking for any documentations Ā
2:19 - #4. Guaranteeing refunds or no tax liability
2:45 - BONUS. Do not sign any blank or incomplete tax refundĀ
3:12 - Call To ActionĀ
Ā
1. Charging you based on the size of a tax refund:Ā
This violates the code of ethics which tax preparers must follow. The fee you pay should be based on the complexity of the tax return, not based on the amount.
2. Offering cash refund checks for you:Ā
Preparers are subject to penalties for doing this, and offering to handle refund checks is a red flag.Ā
First, why would they want to do this for you? One obvious reason is they want to take a portion of it for themselves. On this note, also if you are getting a check, make sure it is from the IRS and not from some random bank of the tax preparer.
3.Preparing returns without asking you for documentation:Ā
Signing off on a return without seeing documentation is illegal.Ā
Documents that need to presented are social security and a government issued identification such as a driver license
4. Guaranteeing refunds, or at least no tax liability, without even seeing your actual situation.
If you think about it - this is one of those too good to be true - therefore, run from it.
Ā
My wife and I wrote the book: āLIFE LESSONS: From A Wiser Me to A Younger Meā In this book, we go into details of what were the biggest lessons we have learned up until now. Our intention for writing the book was for people to learn from it and not repeat the same mistakes we did. Also what we have learned in 10, 20 years, could be compressed in a few days of you reading the book. So there is a lot to gain :)
You could purchase it here: https://www.amazon.com/dp/B09JBHGSRF/ref=cm_sw_em_r_mt_dp_0QE4R3280AE5BMYH1SPK
Ā
*None of this content is meant to be interpreted as investment advice. It is for entertainment purposes only. The content in the video is accurate as of the day of the posting and may not be accurate in the future.
View all episodes
By VladimirYouTube Link:
https://youtu.be/mT2n4vESt-Q
Hello Friends! Often we choose a tax preparer just because it will cost us less for their service. Choosing a tax preparer on that alone, could cost you a lot of money in the long term. In this video I walk you through how to spot a shady tax professional.
š Subscribe for more tips just like this: https://www.youtube.com/channel/UCcja7IBZ2VZVsCdmGDjZiRw?sub_confirmation=1
Ā
-----Contents of this video-----------------------------------
0:00 - Intro
0:25 - If IRS suspects that a tax professional is shady, all the clients are subject to a special review
0:44 - #1. Charging you based on the size of the tax refund
1:08 - #2. Offering to cash your tax refund check
1:53 - #3. Not asking for any documentations Ā
2:19 - #4. Guaranteeing refunds or no tax liability
2:45 - BONUS. Do not sign any blank or incomplete tax refundĀ
3:12 - Call To ActionĀ
Ā
1. Charging you based on the size of a tax refund:Ā
This violates the code of ethics which tax preparers must follow. The fee you pay should be based on the complexity of the tax return, not based on the amount.
2. Offering cash refund checks for you:Ā
Preparers are subject to penalties for doing this, and offering to handle refund checks is a red flag.Ā
First, why would they want to do this for you? One obvious reason is they want to take a portion of it for themselves. On this note, also if you are getting a check, make sure it is from the IRS and not from some random bank of the tax preparer.
3.Preparing returns without asking you for documentation:Ā
Signing off on a return without seeing documentation is illegal.Ā
Documents that need to presented are social security and a government issued identification such as a driver license
4. Guaranteeing refunds, or at least no tax liability, without even seeing your actual situation.
If you think about it - this is one of those too good to be true - therefore, run from it.
Ā
My wife and I wrote the book: āLIFE LESSONS: From A Wiser Me to A Younger Meā In this book, we go into details of what were the biggest lessons we have learned up until now. Our intention for writing the book was for people to learn from it and not repeat the same mistakes we did. Also what we have learned in 10, 20 years, could be compressed in a few days of you reading the book. So there is a lot to gain :)
You could purchase it here: https://www.amazon.com/dp/B09JBHGSRF/ref=cm_sw_em_r_mt_dp_0QE4R3280AE5BMYH1SPK
Ā
*None of this content is meant to be interpreted as investment advice. It is for entertainment purposes only. The content in the video is accurate as of the day of the posting and may not be accurate in the future.