October 23, 2020

Let’s All Enjoy This Story of a Rich Guy Who Procrastinated on His Taxes and Missed Out on a $1 Million Refund

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]

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