Procrastinating clients are the worst. Well, judging by their performance in GCMMBSP, they're actually not; however, I think we can all agree that clients who wait until the last minute to provide you with necessary info deserve nothing less than waterboarding.
That's why it's nice to read this Bloomberg article reporting that some CPAs have decided to fine clients who provide their information late in the game. It's reassuring that a few CPAs have realized that client who can't get their shit together should be held accountable. And until CPAs are allowed to hold their clients' children hostage, a financial carrot and stick approach will have to suffice.
Although sometimes, just sometimes, the universe has a way of sorting these things out:
One wealthy client of CPA Marc Albaum didn't file returns for several years, though he made quarterly estimated payments all along. "He just couldn't get his paperwork together, or had a fear of getting his paperwork together," says Albaum. When the client finally filed, he found he'd been paying too much in his estimated payments, but it was too late to collect a $1 million refund. "He wasn't happy, but he understood it was something he did, and it was the price he paid," says Albaum.
GOOD. I hope the IRS spent that extra $1 million making a Star Trek porn series. Stupid clients.
Procrastinating On Your Taxes? Your Accountant May Fine You [Bloomberg]
Speaking to a crowd of real estate professionals in his hometown, Cantor said the tax would be considered as part of the larger tax reform discussion. But he suggested a change is probably not in the cards. “Honestly, there’s not a lot of support for getting rid of the mortgage deduction on Capitol Hill,” Cantor said to loud applause from the audience. Cantor was speaking to nearly 200 members of the Richmond Association of REALTORs. [
[T]he Texas Supreme Court on Friday gave state officials the go-ahead to continue collecting a special $5-per-customer tax on strip clubs. The so-called “pole” tax, collected upon entrance to any club that features nude dancing and alcohol consumption, was ruled unconstitutional by a state district judge in Austin and the 3rd Court of Appeals. The law was passed by the Texas Legislature in 2007, and so far about $15 million has been collected. The money has not been disbursed because of the earlier court rulings. [