Poor controls are a different matter.
By Ed Mendlowitz
Call Me Before You Do Anything: The Art of Accounting
In my early days I would get many leads for clients who told me they were switching accountants because they believed they were paying “too much tax.” However, at most of those meetings, we only spent a few minutes on taxes and then most of the time expressing concern about whether their controls were good enough!
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My conclusion from these conversations is that the potential of loose controls is a major cause of keeping someone awake at night. No one stays awake at night wondering if they are paying too much tax. A pending tax audit might keep someone awake, but not paying too much tax.
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