We feel compelled to remind everyone that there is exactly one week to go until the corporate tax filing deadline of September 15th. By now, with seven days to go, most of you working in tax compliance have probably had one of the following experiences:
• A nervous breakdown
• MSG overdose
• Showered using the bathroom sink at the office
Regardless of your sitch, we’re here to get you to the finish line, even if the layoff rumors are still lurking. Discuss how things look down the stretch and drop us anything you hear regarding potential layoffs at your firm after the deadline.
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Here’s Why Nikki Haley’s Late Tax Returns Aren’t a Big Deal
Reportedly, South Carolina gubernatorial candidate Nikki Haley likes to cite her experience as an accountant on the campaign trail.
That’s all well and good but now there are reports all over the web that Ms Haley has a helluva time filing her taxes on time and that she and her husband racked up some fines because of their tardiness. This, of course, has people freaking out because A) she’s running for public office and B) because she’s an accountant.
The AP reports, “Tax records released Wednesday by Haley’s campaign show she and her husband have filed their taxes late since at least 2004. Haley is a fiscal conservative and tea party favorite who cites her experience as an accountant on the campaign trail. The state legislator and her husband have been fined nearly $4,500 over five years. Haley’s spokesman Rob Godfrey says the Haleys filed extensions when necessary and have paid what was required.”
What the AP doesn’t tell you, that everyone in the biz knows, is that accountants like Haley likely don’t know a damn thing about taxes. There’s nothing to indicate that she has work experience as a tax accountant. It’s a common misconception amongst non-beancounters that accountant = tax genius. Obviously this is bullshit and that the truth of the matter is that most non-tax accountants would rather chew broken glass than even consider picking up a Master Tax Guide.
Further, since Haley and her husband’s income has nearly tripled since the year she was elected to the SC house, they probably started using a CPA and got used to blowing off their taxes until October. Happens all the time.
Besides, since Ms Haley is endorsed by Sarah Palin and the Tea Party, this can only strengthen her base with these people. They only wish they had the money and the fortitude to blow off their tax responsibilities like Ms Haley.
Strip Club Owner, Sans High School Diploma, Blames His Accountant for Tax Troubles
When you own a strip club there are certain things that you understand. Things like, knowing that there is large portion of the male species that will pay women to take off their clothes regardless of the fact that sex is not happening. And while this is going on, they’ll imbibe lots of booze. And eventually, they may get hungry and with the last sliver of will power they have left, pull themselves away to pay $5.99 for a prime rib buffet. AND since there’s no windows in the place these men will stay in your strip club and spend money until you throw them out or they’ve spent every last dime. Oh, and poles are imperative.
On the other hand, there are things that strip club owners are less savvy about. One of these things may be tax compliance. Accordingly, many proprietors find a local accountant, they swap services, everyone wins.
However, every once in awhile this traditional arrangement may run awry. Kevin Moury, owner of Kittens (NSFW), is suing his accountant, Michael Walsh, for negligence in preparing his returns that resulted in “criminal charges, penalties, costs, fines, loss of income, medical expenses, loss of life’s enjoyments, emotional distress and mental anguish.”
Okay, before we continue, we have to ask – “loss of life’s enjoyments” and “medical expenses” because of a CPA? Where do we draw the line people? Next thing you know, accountants will be blamed for the collapse of the entire financial system…
Anyhoo, Moury pleaded guilty in October to “federal charges of falsifying tax returns and failing to report substantial cash income.” He spent one night in jail, got nine months of house arrest and had to pay back taxes of $88k, etc. etc.
This all came up because Moury apparently thought it was a-okay to deposit money from various revenue streams like fining dancers for tardiness or bolting early, massages for customers, and Jell-O shots (you know, the usual stuff) and then not report it as income. Obviously the IRS was not cool with this, prosecutors threatened to go after his wife and daughters (all employees at Kittens, btw) and that got him to plead guilty.
As a result of his guilty plea, Moury lost a sweet $90k/year gig as a “superintendent of environmental management” (which sounds a lot like “boss of the garbage collectors” but whatevs) and this resulted in lost future earnings of $1.3 million, allegeth the lawsuit.
Regardless, this shit ain’t fair and the accountant needs to be held responsible (his attorney the allegations or “groundless”) and Moury’s attorney isn’t shying away from the stupidity defense:
The lawsuit claims Moury’s lack of formal education — he didn’t finish high school and has a high school equivalency certificate — led him to rely on Walsh to accurately report his income and prepare his tax returns.
“Mr. Moury gave his accountant anything and everything for his business, his real estate and the salary from his job with Methuen,” Cote said. “He signed the returns, but did he looked at them? No. Is he responsible? Yes.
Strip club owner blames accountant for his tax woes [Eagle-Tribune]
Haven’t Got Enough of Hookers with Tax Issues?
Okay.
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