USA CPA taking sides for Limited Partnership

Joined
Jun 20, 2017
Messages
1
Reaction score
0
Country
United States
I am 50% partner in an LP. I got into this mess because I trusted my family. I've been unable to obtain missing information on the partnership tax returns (some docs are taken out before my partner sends them). There's big mystery and questions on the whys and wheres of the money trail. The CPA for the partnership is obviously siding with the other side as I'm asking for the missing docs which I've already paid 1/2 to have them completed (being 50%partner). She sent me an invoice for almost $700 for a few documents for only 2016, stating she has to gather the docs herself. I feel this is unethical...she's double dipping. Isn't this the cost of doing business? Cause for filing a complaint against her?
Thanks for any insight.
 
Joined
Jan 18, 2017
Messages
16
Reaction score
0
Country
United States
You should check your fee agreement with the CPA. I would suspect it allows her to charge for her time.
 
Joined
Nov 7, 2014
Messages
41
Reaction score
3
To reduce the risk of your clients being selected for scrutiny by the Australian Taxation Office (ATO) or any other government agencies involves a number of steps including using engagement letters and implementing an appropriate risk management framework.
 

Drmdcpa

VIP Member
Joined
Aug 2, 2017
Messages
499
Reaction score
42
Country
United States
It is not unethical to charge for providing documents under most state regulations if those documents have already been provided and/or the documents are not integral to the clients books.

Each state's regulations vary a little. But most allow a fee to be charged. The reasonableness of that fee varies.

Also if there is an engagement letter that might define said costs.

It is not clear what your role in the LP is. Are you a general partner? If not be thankful for what you do get. If you are then you should have control.

Logic is if you are a 50% owner and GP of an LP then no one can have more control than you. Some % is limited in an LP. The best that could be also GP is 49.99% less than your 50% GP.

My guess is you are an LP of the LP in which case the CPA employed by the LP has no need to even respond to you.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,776
Messages
27,841
Members
21,815
Latest member
TrustBeneficiary

Latest Threads

Top