Figures are Final

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Mar 22, 2007 10:31 am

What is going on with the tax reporting this season. Not to pick on my former employer becuase I hear this year may be the worst ever for b/d's, but last night I was with clients at their home reviewing their (3) Figures are Final 1099's all dated differently, received on the same day in the mail , and ALL were wrong.

The poor clients went to their CPA only to be told to expect and additional 8K of quarterlies next year based on the most recent 1099. Now I know mistakes can be made by anyone, but when we got off the phone with their tax hotline, we were supristed to find out that the Final 1099's weren't final and that the changes they showed would eliminate the income in 06 that created the anxiety.

No conversation, no letter, nothing to indicate that any further changes were coming. Clients and I are scratching our heads as to how this incompetence can occur. Maybe EDJ feels its cheaper to pay the accounting fees to ammend the return.

Anyone else experiencing this? Is this an industry trend?

Mar 22, 2007 5:40 pm

that is why all the firms wanted a 30 day extention

Mar 23, 2007 8:53 pm

It certainly makes tax season a little more challenging…