Accounting Malpractice Facts
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Accounting Malpractice Facts
Keeping track of our personal finances and preparing tax returns is daunting to even the most diligent number cruncher. Understanding the latest tax laws is beyond that, nearly impossible. People look for help, from tax preparation services in department stores to expensive CPAs with the expectation their forms will be prepared and filed accurately and in a timely manner.
Unfortunately, professional negligence exists in the accounting profession but there are avenues to remediation and recompense for victims. An experienced financial malpractice attorney is a good source for help if you have been the victim of financial accounting malpractice.
There are a number of scenarios which can lead to a case of financial or accounting malpractice. One of the most common is where a small error at the beginning of an audit snowballs into a large error at the end. The final conclusion is such a case can result in severe deviations, and cause massive losses and penalties from regulators or tax authorities.
In some cases, an accountant may take an overly-aggressive approach to deductions on a tax return, resulting in an IRS audit. These audits may trigger further costs incurred by the taxpayer as well as lost time and financial losses.
There are cases where mistakes are not the problem, but actual theft and fraud are at issue. Most often this will involve criminal investigations but there is still a case for malpractice, and plaintiffs will likely seek financial damages be paid them for their losses.
The responsibility for errors, fraud, and theft can usually be determined by an investigation and, once again, an experienced financial malpractice attorney is the prudent choice to seek advice and guidance.
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