Werner: When Ethics Trump Client Loyalty | Quick Tax Tip

from CPA Trendlines Podcasts · host CPA Trendlines

Unreported income from prior years may trigger a Circular 230 compliance issue that forces you to end the relationship.Quick Tax TipWith Art WernerCPE TodayIn the latest Quick Tax Tip from CPA Trendlines, tax guru Art Werner dives into a sticky — but all too familiar — scenario facing tax professionals: discovering a client’s unreported income years after the fact. Click here for more Art Werner Catch more Art Werner, Wednesday, Sept. 3, for Tax Rumors, Episode 3, with CPA Steve Yoss, and hosted by CPA Trendlines’ Rick Telberg. It begins innocently enough. A client brings in a Form 1099-K — perhaps for the first time — showing payments received through online sales platforms. The conversation reveals that this “new” activity isn’t new at all. The client has been running an internet-based side business for years, but never disclosed it to their preparer.“Now you have a Circular 230 problem,” Werner warns.

What this episode covers

Unreported income from prior years may trigger a Circular 230 compliance issue that forces you to end the relationship.Quick Tax TipWith Art WernerCPE TodayIn the latest Quick Tax Tip from CPA Trendlines, tax guru Art Werner dives into a sticky — but all too familiar — scenario facing tax professionals: discovering a client’s unreported income years after the fact.Click here for more Art WernerCatch more Art Werner, Wednesday, Sept. 3, for Tax Rumors, Episode 3, with CPA Steve Yoss, and hosted by CPA Trendlines’ Rick Telberg.It begins innocently enough. A client brings in a Form 1099-K — perhaps for the first time — showing payments received through online sales platforms. The conversation reveals that this “new” activity isn’t new at all. The client has been running an internet-based side business for years, but never disclosed it to their preparer.“Now you have a Circular 230 problem,” Werner warns.

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Werner: When Ethics Trump Client Loyalty | Quick Tax Tip

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