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re: If a CPA makes a mistake that results in interest and penalties from the IRS....

Posted on 1/31/24 at 10:04 am to
Posted by OceanMan
Member since Mar 2010
20048 posts
Posted on 1/31/24 at 10:04 am to
quote:

You earned the income, so you would definitely be responsible for that portion. In my limited experience, if you work w the IRS, they are often willing to waive/negotiate the penalties & interest if you’re able to make payments timely. If it’s truly the error of the CPA, they will often waive their fees to correct the mistake when it’s an obvious oversight on their end and will do their part to reduce/eliminate the fees & interest


Agreed on all of this. If they truly just omitted it from organized support, they should want to make it right, and have the resources to expedite it.

The IRS is actually reasonable in this regard if you can pay it.
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