Tax season, which runs from Jan. 1 through April 15 of each year, is a time dreaded by many Tennesseans and residents in other states. It’s a time when many people are scrambling to get all their documentation together so that their tax returns can be filed appropriately, on time and without error. For those who work with an accountant during this time, the chances of accounting malpractice may be higher simply due to the busyness of the season.
Filing taxes in 2024
While some people choose to prepare and file their tax returns without the help of a professional, others prefer to work with an accountant. An accountant understands the laws and regulations, allowing them to help a client get all deductions possible based on their circumstances. Plus, accountants are better able to keep up with the many changes to tax laws.
The 2024 deadline for filing one’s tax returns is Monday, April 15. Those who don’t get their returns in on time can face penalties. When working with an accountant, it is their responsibility to follow the laws and meet the deadlines provided by the government. If they make a mistake, the client can suffer and may face an audit. If an accountant doesn’t follow the accepted standards of practice when filing a client’s tax returns, they may be committing malpractice.
Help for victims of accounting malpractice
Not all mistakes are considered malpractice, but those that are can be financially devastating to a client. Missing deadlines, not filing the proper documentation, or not following established accounting practices can leave the client in a financial bind, and sometimes lead to legal action. Tennesseans who believe they are victims of accounting malpractice can speak with an attorney to see what options they have in rectifying the situation.