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Bruce:
"the proper care and feeding of the accounting profession"

The person who told me that I wasn't trying hard enough was the accountant for the company for which I worked for 17 years. The four partners in that electronics contracting company all became multi-millionairs in the 20 year life of that corporation and part of that involved pushing the limits and exploiting the weaknesses of the tax codes. For that they had a very good accountant. One of the partners told me of meetings with California State tax officials in which these officials were tied in knots and unable to answer basic tax questions, as posed by the accountant. I suspect this is par for the course.

The company and partners might have paid the accountant more than they paid in taxes. And, from what I have gathered, if you get to the point where you need a tax lawyer, you effectively pay the lawyer's fees in leiu of taxes, if you have properly followed his advice and haven't been played by him. These are the reasons the tax code is as it is.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Apr 13th, 2011 at 05:19:06 PM EST
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