We had rather excellent college professor that taught Business 101.
I also learned a lot from the IRS (Internal Revenue Service) when it came time to do my income taxes. It all started with just 1 simple question. And "Poof", I started receiving a proverbial library of tax information from the IRS (annually).
From then on, until a few years ago, I would receive 75-90% of my taxes refunded, with several 100% refunds.
Then the "a$$holes" surprised me by changing the tax codes/ regulations. Causing me to "jump through a few hoops". Needless to say I complied, adapted/ conformed to the changes to continue my high percentage refunds. And I did it with the help of the IRS.
My greatest advice to those who have and trust their accountants: You might want to ask "them" about what IRS forms, pubs, pams, they are filling!
Case in Point:
A friend of mine whom I knew had a farm.
According to his accountant he owed a large sum of taxes to the IRS.
WE discussed his situation and I advised him to ask his accountant a few questions. And he did. My good friend didn't owe taxes. He received a refund twice the amount he was told by his accountant he owed.
His accountant wasn't to happy about having to do the extra work filling out the additional forms and filing the extra tax paperwork.
NOTE: my good friend is not my "client". So although I advised him, I don't know if he had his accountant back file 3 (?) years amendment to collect additional tax overpayments that he was rightfully owed because his accountant was/is "lazy".
FYI: Farmers/Ranchers/Breeders, etc. pay very little to zero taxes! And qualify for various (multiple) Grants.
