Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this does not resolve my complaint For your reference, details of the offer I reviewed appear below.I am no satisfied with the response or the resolution I am quite clear on the fact that I would have been deferring taxes instead of avoiding them It is also clear to me that deferring earnings and the compounding of money during those deferrals are one of the most powerful forces an individual has in order to create wealth I think it is also important to note at this time that the actual bill from the sale of the property is not even being accurately displayed because my wife and I would have received a refund were it not for Mike [redacted] 's mistake Furthermore, when I called to ask for the specific tax cost associated with the sale of the property they could not tell me nor have they reported back to me The tax represented about 10% of sale proceedsIt is a shame to hear that the firm and [redacted] are not taking ownership of the poor advice they gave meWe spoke on two separate occasions on the matter and historically I have never been billed for a simple question or advice when I call in My family has had a relationship with this firm for 15+ years I called in with a specific question and the range of the sale price which should be a simple question to answer for someone who has been doing my taxes for many, many years I ask the following questions.1) who or what type of accounting firm would not recommend deferring ~$8K; especially when the client who calls in is already planning to do a exchange anyway? Keep in mid it was my plan all along to do a exchange and only changed course when advised that there would be little to no tax consequence.2) If ~$8K is not worth deferring or ~10% of net sales proceeds then what is?3) Who in their right mind would not recommend doing a to save ~10% of the proceeds, defer taxes, and let the beauty of compounding do its job? Regards,
Our firm received a third notice concerning complaint ID #*** with a message from the consumer. As indicated in the letter, I am submitting the response below on behalf of *** *** who is mentioned in the complaint. In regard to your letter dated May 13, 2016, I respond as follows:I have responded as accurately as possible to this person’s inquiries and it seems like we are at an impasse.Mr. *** wants me to pay his taxes; taxpayers are responsible to pay their own tax, whether the tax is current or deferred.If the client thought that purchasing a property was such a great investment, he should have done that by now.If I were in the business of giving clients bad tax advice, I would not be in business with no Revdex.com complaints after yearsIf I made an error, I would do my best to make it right, however this is not a matter of making an error In an attempt to show some goodwill to the client, I prepared his return at no charge as a professional courtesyI will not be responding to any more inquiries from this taxpayer
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below.I am no satisfied with the response or the resolution. I am quite clear on the fact that I would have been deferring taxes instead of avoiding them. It is also clear to me that deferring earnings and the compounding of money during those deferrals are one of the most powerful forces an individual has in order to create wealth. I think it is also important to note at this time that the actual bill from the sale of the property is not even being accurately displayed because my wife and I would have received a refund were it not for Mike [redacted]'s mistake. Furthermore, when I called to ask for the specific tax cost associated with the sale of the property they could not tell me nor have they reported back to me. The tax represented about 10% of sale proceeds. It is a shame to hear that the firm and [redacted] are not taking ownership of the poor advice they gave me. We spoke on two separate occasions on the matter and historically I have never been billed for a simple question or advice when I call in. My family has had a relationship with this firm for 15+ years. I called in with a specific question and the range of the sale price which should be a simple question to answer for someone who has been doing my taxes for many, many years. I ask the following questions.1) who or what type of accounting firm would not recommend deferring ~$8K; especially when the client who calls in is already planning to do a 1031 exchange anyway? Keep in mid it was my plan all along to do a 1031 exchange and only changed course when advised that there would be little to no tax consequence.2) If ~$8K is not worth deferring or ~10% of net sales proceeds then what is?3) Who in their right mind would not recommend doing a 1031 to save ~10% of the proceeds, defer taxes, and let the beauty of compounding do its job?
Regards,
Our firm received notice of a customer complaint that was submitted on 4/13/2016 and assigned ID #[redacted]. I have attached a copy of the letter to this e-mail.As indicated in the letter, I am submitting the response below on behalf of [redacted] who is mentioned in the...
complaint. Our position on this matter:It is common for our company to receive requests from clients throughout the year asking us to calculate the income tax consequences of a potential sale of real estate. Our protocol is to gather information from the client and prepare a work paper whereby the gain and income tax liability are calculated. We then communicate this information to the client, and discuss the client's options. The work paper is then dated, initialed, and included in the client's income tax file. I have no record of such a conversation with this client, no work paper in our file and no record of a fee for service regarding an income tax calculation or telephone conversation.As you can see from the client's complaint, he is knowledgeable in the area of calculating gains and losses without my assistance. It also appears obvious that he understands how a tax deferred exchange works. In fact, he has employment experience as a professional securities trader. I believe that the client calculated the gain himself, opined that the gain would not be significant, and asked me if a 1031 exchange was worth doing. If the gain, in his mind, was not significant, I would have advised him that economic issues may be more relevant than tax issues. If the client truly wanted to invest in a Colorado property, researched many properties as he indicated, and found a property worth purchasing, it seems to me that he should have purchased it. If, on the other hand, he did not truly find the right property to suit his desires, it would not have been a good decision to spend hundreds of thousands of dollars to purchase a property in order to simply defer, but not eliminate, a $[redacted] tax liability.All the above notwithstanding, the taxpayer is always responsible for paying their taxes. A reputable accounting firm, such as ours, will always offer to pay any penalties imposed on a client due to our error. In this case, there was no error and the IRS did not impose any penalty. For the client to ask us to pay for income tax he incurred as a result of enjoying a gain on an investment, does not make sense.Please let me know if further action is required upon our part in order to clear this matter up.
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this does not resolve my complaint For your reference, details of the offer I reviewed appear below.I am no satisfied with the response or the resolution I am quite clear on the fact that I would have been deferring taxes instead of avoiding them It is also clear to me that deferring earnings and the compounding of money during those deferrals are one of the most powerful forces an individual has in order to create wealth I think it is also important to note at this time that the actual bill from the sale of the property is not even being accurately displayed because my wife and I would have received a refund were it not for Mike [redacted] 's mistake Furthermore, when I called to ask for the specific tax cost associated with the sale of the property they could not tell me nor have they reported back to me The tax represented about 10% of sale proceedsIt is a shame to hear that the firm and [redacted] are not taking ownership of the poor advice they gave meWe spoke on two separate occasions on the matter and historically I have never been billed for a simple question or advice when I call in My family has had a relationship with this firm for 15+ years I called in with a specific question and the range of the sale price which should be a simple question to answer for someone who has been doing my taxes for many, many years I ask the following questions.1) who or what type of accounting firm would not recommend deferring ~$8K; especially when the client who calls in is already planning to do a exchange anyway? Keep in mid it was my plan all along to do a exchange and only changed course when advised that there would be little to no tax consequence.2) If ~$8K is not worth deferring or ~10% of net sales proceeds then what is?3) Who in their right mind would not recommend doing a to save ~10% of the proceeds, defer taxes, and let the beauty of compounding do its job? Regards,
Our firm received a third notice concerning complaint ID #*** with a message from the consumer. As indicated in the letter, I am submitting the response below on behalf of *** *** who is mentioned in the complaint. In regard to your letter dated May 13, 2016, I respond as follows:I have responded as accurately as possible to this person’s inquiries and it seems like we are at an impasse.Mr. *** wants me to pay his taxes; taxpayers are responsible to pay their own tax, whether the tax is current or deferred.If the client thought that purchasing a property was such a great investment, he should have done that by now.If I were in the business of giving clients bad tax advice, I would not be in business with no Revdex.com complaints after yearsIf I made an error, I would do my best to make it right, however this is not a matter of making an error In an attempt to show some goodwill to the client, I prepared his return at no charge as a professional courtesyI will not be responding to any more inquiries from this taxpayer
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below.I am no satisfied with the response or the resolution. I am quite clear on the fact that I would have been deferring taxes instead of avoiding them. It is also clear to me that deferring earnings and the compounding of money during those deferrals are one of the most powerful forces an individual has in order to create wealth. I think it is also important to note at this time that the actual bill from the sale of the property is not even being accurately displayed because my wife and I would have received a refund were it not for Mike [redacted]'s mistake. Furthermore, when I called to ask for the specific tax cost associated with the sale of the property they could not tell me nor have they reported back to me. The tax represented about 10% of sale proceeds. It is a shame to hear that the firm and [redacted] are not taking ownership of the poor advice they gave me. We spoke on two separate occasions on the matter and historically I have never been billed for a simple question or advice when I call in. My family has had a relationship with this firm for 15+ years. I called in with a specific question and the range of the sale price which should be a simple question to answer for someone who has been doing my taxes for many, many years. I ask the following questions.1) who or what type of accounting firm would not recommend deferring ~$8K; especially when the client who calls in is already planning to do a 1031 exchange anyway? Keep in mid it was my plan all along to do a 1031 exchange and only changed course when advised that there would be little to no tax consequence.2) If ~$8K is not worth deferring or ~10% of net sales proceeds then what is?3) Who in their right mind would not recommend doing a 1031 to save ~10% of the proceeds, defer taxes, and let the beauty of compounding do its job?
Regards,
Our firm received notice of a customer complaint that was submitted on 4/13/2016 and assigned ID #[redacted]. I have attached a copy of the letter to this e-mail.As indicated in the letter, I am submitting the response below on behalf of [redacted] who is mentioned in the...
complaint. Our position on this matter:It is common for our company to receive requests from clients throughout the year asking us to calculate the income tax consequences of a potential sale of real estate. Our protocol is to gather information from the client and prepare a work paper whereby the gain and income tax liability are calculated. We then communicate this information to the client, and discuss the client's options. The work paper is then dated, initialed, and included in the client's income tax file. I have no record of such a conversation with this client, no work paper in our file and no record of a fee for service regarding an income tax calculation or telephone conversation.As you can see from the client's complaint, he is knowledgeable in the area of calculating gains and losses without my assistance. It also appears obvious that he understands how a tax deferred exchange works. In fact, he has employment experience as a professional securities trader. I believe that the client calculated the gain himself, opined that the gain would not be significant, and asked me if a 1031 exchange was worth doing. If the gain, in his mind, was not significant, I would have advised him that economic issues may be more relevant than tax issues. If the client truly wanted to invest in a Colorado property, researched many properties as he indicated, and found a property worth purchasing, it seems to me that he should have purchased it. If, on the other hand, he did not truly find the right property to suit his desires, it would not have been a good decision to spend hundreds of thousands of dollars to purchase a property in order to simply defer, but not eliminate, a $[redacted] tax liability.All the above notwithstanding, the taxpayer is always responsible for paying their taxes. A reputable accounting firm, such as ours, will always offer to pay any penalties imposed on a client due to our error. In this case, there was no error and the IRS did not impose any penalty. For the client to ask us to pay for income tax he incurred as a result of enjoying a gain on an investment, does not make sense.Please let me know if further action is required upon our part in order to clear this matter up.