Alaska Personal Injury Lawyers

Helping Those Harmed by Accounting Malpractice

Alaska Personal Injury Lawyers
Helping Those Harmed by Accounting Malpractice

When the early portion of a year rolls around, people everywhere in Alaska and around the United States begin to consider the reality that it’s time to prepare their annual tax returns.  While this is often a painful and completely required step, many make the choice to hire a professional accountant to handle this step for them so that they can avoid the mistakes that are common that can lead to a substantial loss of money.

Unfortunately, accountants are like anyone else in that they make mistakes from time to time, and these mistakes can lead to extremely difficult consequences for those who have been harmed.  If this includes you or someone you love, you need to seek the help of an Alaska personal injury lawyer as soon as possible.  Below is a brief overview of this issue.

Common Errors Made by Accountants

Accountants are like any other professionals in that they make mistakes, and some of the mistakes they make are quite common in nature.  Below are just a few examples of the mistakes that accountants can and do commit when it comes to preparing tax returns:

• Failing to properly file an extension request
• Failing to include all taxable income
• Failing to include all legal deductions
• Failing to account for dependents
• Failing to answer requests for clarification 

What’s worse for those who suffer the brunt of is the potential fallout from these mistakes.

Potential Penalties for Accounting Errors

When mistakes are made by accountants, the taxpayers are generally the ones who pay a heavy price, and in many cases this is literally how the taxpayer is held accountable.  Any mistakes in tax returns can result in the levying of enormous fines, penalties and interest on the amount that was deemed to not have been paid.  In addition, audits can be initiated that require hundreds of hours of time by the taxpayer as well as the potential for levies on bank accounts and liens to be filed on real property owned by the taxpayer.

In short, the IRS has almost unfettered discretion in doling out its own brand of justice, and when this situation arises as a result of a mistake or mistakes made by someone who has been hired to handle a tax return, that accountant needs to answer for his or her mistakes.  If you or someone you love has been harmed in this manner, contact the Alaska personal injury lawyers at Barber & Banker today to schedule a free initial consultation.