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Presentation/PPT
27/08/2022
You are the junior accountant at Mid-Size CPAs, a New Jersey based accounting and tax
firm. The senior partner has just concluded a consultation with a potential new client. The
senior partner presents you with a fact pattern based on the consultation and asks you to
create a memorandum that identifies and analyzes the potential new client’s case.
Because it is early on in the retention of this client, the senior partner is concerned more
with identifying the issues than affirmatively concluding one way or another.
Mrs. Smith came to the office for a consultation. Last month, Mrs. Smith’s husband of
many years disclosed that he was leaving her and that the family’s finances were not as
he had lead her to believe over all of these supposed happy years of marriage. Mr. Smith
also revealed that the marriage was a sham and that he was immediately moving from
their nice Bergen County home to an expensive apartment in New York City.
Mr. Smith is a partner at a large New York City law firm and has been practicing tax law
for two decades. Mrs. Smith is also an attorney at a large New York City law firm.
However, Mrs. Smith had arranged to work a limited part time schedule to care for the
couple’s two children. Mrs. Smith worked one to two days per week and generally
concentrated on small cases. In reality, her focus was more on raising the children than
practicing law.
When she was served with divorce papers, Mr. Smith revealed to Mrs. Smith that he had
mortgaged the couple’s assets significantly and that the family’s last three vacations to
Jamaica had been paid for on credit. He also revealed that, although he assured her
otherwise, Mr. Smith never sent the IRS a check at tax time for the last five tax years so
the family owed large amounts to the IRS.
Mrs. Smith also revealed that, after speaking with a divorce lawyer and a different
accountant, she filed an amended tax return that reported a previously unreported
distribution from her pension account that Mr. Smith may have absconded with. Prior to
filing the amended return, Mrs. Smith checked the family’s bank account statement and
saw that two estimated payments had been made from the couple’s joint checking
account for this tax year in question. The payments were $20,000 and $30,000. On the
couple’s originally filed return, there was $10,000 of estimated payments reported on the
return. On Mr. Smith’s amended tax return (conveniently filed by the same accountant
and on the same day) reported $0 of estimated payments. Mr. Smith earned four times as
much as Mrs. Smith in this year.
On Mrs. Smith’s amended tax return, she reported all $50,000 of estimated payments
which were used to offset the additional tax resulting from the pension distribution. Mrs.
Smith’s amended return showed a refund of $15,000.
Yesterday, Mrs. Smith received a Final Notice of Intent to Levy for the tax year in which
she and Mr. Smith filed amended returns. The IRS did not credit any of the $50,000 of
estimated payment but did accept that her tax liability increased as a result of filing the
amended return. Mrs. Smith is very concerned about how the IRS failed to allocate the
estimated tax payments to her and is wondering when she will be getting her refund.
Without the $50,000 of allocated payments, Mrs. Smith will owe a considerable amount
of money that she cannot pay. As a result the IRS sent the above referenced Final Notice
of Intent to Levy. Mrs. Smith is quite concerned about that refund and is wondering if
there is anything she can do with the Final Notice to get her refund. She doesn’t think it’s
fair that she never got a chance to challenge this additional amount the IRS says she
owes.
Finally, Mrs. Smith was reluctant to discuss this, but she thinks her husband may have
been keeping money in a Swiss bank account. This came out during the divorce but
looking back, she’s concerned that the couple’s return may not have disclosed this and
that she may be in trouble as a result.
The senior partner, being extremely busy with “client development,” asks you to prepare
a memorandum that identifies and analyzes the issues involved in Mrs. Smith’s case.
The writer is very fast, professional and responded to the review request fast also. Thank you.
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