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Are accountants held responsible if you get audited and IRS says you owe money?
Wiki User
∙ 14y ago
Some are and some are not. It depends on the WRITTEN agreement or contract you have with the service provider. A verbal agreement is worthless, it needs to be in writing (you have to have a copy on company letterhead or a signed agreement with the preparers signature. Even then, you are responsible for any fine, interest, or penalty. So if they don't or can't pay it, it is your problem. Worst case, at least you can sue to try to recover your damages --if you have it in writing.
Wiki User
∙ 14y ago
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What are rectifying entries?
to indemnify the errors held by accountants in main books of accounts is known as rectification of errors
Can a credit card company hold an authorizes card user responsible for a business account?
Possibly. If the business refuses to authorize the charges, the card user could be held responsible. If the card user signed an agreement of accountability, he will definitely be held responsible. Your best course of action is to try to work with the business who contracted the card to resolve this.
Can the executor of estate be held liable for taxes owed if estate is insolvent?
No, the executor is not personally responsible. It is their duty to value the estate, resolves debts based on the assets. If there is not enough money, it is reported to the court with the distribution plan and some people do not get paid.
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A child savings account is a bank account that allows and teaches your child to save their money in a safe and responsible way, at a bank instead of somewhere at home where it can get lost.
What if your spouse refuses to pay taxes on earned income?
I suggest not filing a joint return. Using the Married Filing Separately filing status will not allow you to claim some tax benefits and you won't have the benefits of combining your income, but it will save you if your spouse is audited. If you file jointly, you will be fully responsible for the taxes on the omitted income. Filing a joint return creates something called "joint & several liability" which means you are both responsible for the entire tax liability, even if it's later adjusted because one spouse omitted income or committed tax evasion. Read IRS Publication 971 to find out the difficulty of not being held responsible for your spouse's actions. That's why I recommend not filing a joint return with your spouse. The benefits will not be worth the cost if they are caught evading taxes.
When can accountable officer be held pecuniarily liable?
If the offense cost money, the officer responsible is pecuniarily liable.
What is financial liability?
If you have financial liability, they you have to pay money if something goes wrong. Liability means you can be held responsible and financial means money.
If your under eighteen and can you be held responsible for a debt?
No you cannot be held to a contract. In some cases money for necessities such as food and shelter can be enforced. Consult an attorney in your area.
What are entries?
to indemnify the errors held by Accountants in main books of accounts is known as rectification of errors
What does held to answer mean?
The phrase 'held to answer' means held responsible.
What are rectifying entries?
to indemnify the errors held by accountants in main books of accounts is known as rectification of errors
How can I write a speech about the Olympics?
why is olpmpics made ? where it will be done ? what are the attributes in it ? when it will be held ? who will be the responsible person for it ? How it will be held ? why is olpmpics made ? where it will be done ? what are the attributes in it ? when it will be held ? who will be the responsible person for it ? How it will be held ?
If I have been paying half of household expenses with my fiance can I be held responsible for child support if he loses his job?
If it is your child then you do not need to be held responsible. You are responsible.
If your wife is pregnant and is leaving the state at her will are you responsible for her care?
No because she left on her own will and therfore are currently not held responsible No because she left on her own will and therfore are currently not held responsible No because she left on her own will and therfore are currently not held responsible
Why should gun sellers be held responsible for the crime the buyer has done?
There is NO good reason they should be held responsible.
If an estate has no money or is insolvent is the executor responsible for any monies like insurance owed on the house or mortgage payments or electrical bills and water bills?
No. The executor or executrix cannot be held personally responsible for the decedent's debts.
Should tobacco companies not be held responsible?
They should not be held responsible as it is people's choice to continue to smoke despite all the health warnings.
