Started going to Anthony’s Tax Services back in late seventies when returns became bit more substantial & complex because of newly acquired real property.
For good 20-25 pretty much uneventful yrs except for couple of “routine examinations” as explained by this master manipulator.
And so it went on under his guidance until 2004 when a standard triple decker multi fam was sold.
Fully expecting uncle Sam to get his fair share of capitol gains of around $100K and while in the midst of preparing returns for the year he goes “By showing about $45-50K more in expenses we can possibly save about $15K in cap gains.
Just a suggestion mind you, it’s your call to make” Believing this guy knows what he’s talking about and there to protect his clients, my reply was “sure Tony, go ahead” Huh.
One fine day shortly thereafter uncle Sam sends a bill nearing $20K including unpaid tax, interest and a hefty penalty.
Entrapment; You know it! When confronted him, on top of the obvious perfect excuse he goes ” I’m hoping there’s trust, we’re family now” Should’ve walked away right then and there despite some friends urging hey idiot, what are you a friggen masochist? If this so-called “professional accountant” had done his job properly protecting you there should never have been an audit.
Uncertain for long while and incredibly looking back, stayed on w/this back stabber I suspect mainly due to naiveness and also fact that up to then was not aware that the IRS compensates whistle blowers aka dishonest accountants anywhere from 15-50% depending on severity of intent, etc.
Do family members fall into that category though, on the other hand if you can’t screw family who you gonna do? Apologies for ramble but read on, it just just gets juicier.
Four years went by until mid-August 2009 when a huge fire that started on 1st fl of a different triple decker multi-fam rendered total loss of not only mine but another three fam right next.
Insurance paid the claim of course since tenants admitted they had a party w/forgotten candles the night before.
Main thing there were no fatalities thank God, all 3 families w/children got out safely due to functional smoke detectors.
Year and half later in 2011 ended up selling the burned out left over shell.
Here’s where it gets real interesting, straw that finally broke the camel’s back.
Went back to this mo/fo, apologies to any ladies who might be reading this (but it’s short for family member anyway) again expecting to pay bet $125-150K in cap gains, this time, he’s going for the kill!
“No need to claim the $500K plus insurance money, let’s just report the sale of property” which came to $260K he goes, adding of course the proverbial “it’s a chance we’re taking you understand, think about it and let me know what to do.”
Dumbfounded stood there in disbelief. How in the hell this king of slime had managed to stay in business all this time is beyond me, unless of course there are more dummies out there.
Umbilical cord finally severed, walked away from this unscrupulous accountant oh and by the way along with him don’t have to cough up extravagant $3500-4000 annual fee.