Werner: When Ethics Trump Client Loyalty | Quick Tax Tip
About this episode
Unreported income from prior years may trigger a Circular 230 compliance issue that forces you to end the relationship.
Quick Tax Tip
With Art Werner
In 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.
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