Wednesday, October 7, 2009

Entrepreneur Tax Lessons

I am completing year end taxes for my business. I have a bookkeeper and an accountant. My bookkeeper has been helpful, and my accountant I have had minimal contact with. I learned earlier this year that my accountant sent in the wrong federal tax id number this year (2009), so my state taxes were filed incorrectly.

I was trying to complete year 2009, when in the middle of finding two expenses I was sidetracked by the IRS. I was told about missing filings between the years 2002-2005. There has been no filed completed and shows no record of one every being made. After an hour I hung up the phone.
At the end of the day I was contacted by the State Revenue office notifying me of fines due.

I believed that paying bookkeepers and accountants kept them doing the right thing. I was wrong. They are not liable for any fines. Make sure to double check any work and take control of your business.

No comments:

Post a Comment