Quote:
Originally Posted by wdfifteen
"...stuffing the 50k in a deferred account has been lost." How does one defer paying tax on 1/3 of his income? Everywhere I turn I run into limits that are WAY short of 1/3.
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Fair enough. I honestly don't know.
He did refer to it as a bonus. Clearly constructed for tax purposes, though. They do it every year. So the subject to limitations has got to be extremely valid.
Sounds overall that options may be limited to strong-arming the CPA into taking him and his wife out to dinner and the CPA picks up the tab.
Fraud is one thing, an honest oversight is another. My pal may be PO'd but I can't reasonably clarify in my mind what recourse is available except terminating the CPA. Litigation would devour any assessment of subjective damages.