A short conversational transcript from the YouTube video 'the DANGERS of a Careless Accountant...' (Mike Andes, uploaded Feb 3, 2023). A guest describes ongoing accounting failures by their accountant over ~2–3 years: repeated late filings, unexpected charges ($4,684 noted by guest; IRS notice listing underpayment of $4,805 plus penalties/interest), and an IRS lien placed on their home. The host advises considering switching to a more capable CPA/bookkeeper as the business grows.
Questions this video answers
$4,684 (guest-reported charge).
$4,805 (IRS notice; penalty and interest added).
The IRS put a lien on the guest's home (IRS lien).
February 3, 2023.
Chapters
It's never a good day when you log into your bank account and there's negative money in it.
Sounds like you're having some accountant trouble.
They literally, like, put a lien on our house because we weren't paying our taxes.
Someone can really mess up your taxes. And then you, like, it's no longer a lien on your house. It's like, hey, mister, we're gonna lock you up. 60% of businesses will fail in their first three years. I'm Mike Andes, and I'm on a mission to fix this on this season of business boot camp.
This could be a great day today. Good morning, all of you beautiful people out there. I got one thing to say. It's my birthday.
Happy birthday.
I am extremely frustrated right now because our accountant is not doing what she's supposed to. There's always, like, something that's coming up. I'm calling in regards to trying to give our accountant access so that way we can get our taxes paid. A $4,684 charge, which we were not told about by our accountant. So many, like, late filing fees and things like that. And this is literally not the first time that this has happened on time. It's interesting when you call their number, and it doesn't even ring, and. And I'm sick and tired of getting these documents, these IRS documents in the mail saying that. Let me just read this to you. So we found the amount reported as total federal tax deposits for the tax period shown above differs from the amount we have credited your account. As a result, your tax is underpaid by $4,805. We have added penalty and interest. This is not the first time I've received documentation. This is like a monthly ordeal with. With our bookkeeping and accounting. And so I am.
At that point where I basically need to fire our accountant.
Sounds like you're having some accountant trouble.
Yes. Yes, we are. We absolutely are. It's. It's a regular thing. We have late fees and, like, late filing penalties, like, literally probably once a month that comes in, like, so much so. And this happened, like, a few months back, but, like, there were so many missed tax payments and stuff like that that, like, the IRS actually had put a lien on our home residents. Yeah. And I distinctly remember that day because I got the paperwork in the mail, and I had a very swift and brief and quick visit to her office. No appointment, nothing. I, like, busted in her office, like, nicely. Right. But I went in there, and I'm like. I'm like, what is this? Like, and, like, it was, oh, I'm so sorry. And all this Stu. Like, I mean, she's like, a really good, like. Like, I like her as a person. She's helped us get to, like, where we're at today, but I think we're outgrowing her. So, like, we definitely have to look at other avenues of, like, accounting and basically, like, filing and running and, like, having. Using a CPA and stuff like that. So this has been literally going on for, like, two years. Literally. Like, what I told her is, like, I need you to file all of this stuff. I don't even know what to file. And that sounds horrible as a business owner, but there's sales tax, unemployment tax, payroll tax, and, like, a ton of other tax. I have no idea. And it's so frustrating. Like.
Did you do your payroll and stuff like that?
Then, too, we're underneath her account on QuickBooks, which this is what makes it kind of hard because when we switch, we have to, like, resubmit all the paperwork and everything. And, like, I told her that we're switching, like, three months ago. And then the guy that I went to go listen to, like, literally talked for 60 straight minutes, and I couldn't even, like, get a word out. And I'm like, there's no way I could work with this guy, like, trying to talk to him and stuff. So. But yeah, it's. It's been a struggle, and I've literally had it on my board for the last six months to change our accountant. And I just. It just keeps getting pushed back. Pushed back. But I feel really bad emailing her and saying, hey, we're going to cancel, and all this stuff because, like, I've been with her for two. No, actually for like, three years now, and she's helped us so much. Like, she has got us to where we are at today. But, like, we cannot keep going down this road of having late fees. Like, it costs us money every single time this happens with the two entities.
You might want to consider it. That was my. When I mentioned my bigger thing is, like, I think you kind of outgrown. Like, you kind of have your inner circle, whether it be attorney, accountant, banker, you know, insurance agent. And as you grow, you kind of have to shed sometimes the people you get started with. So I don't know her level of expertise or the account that you've talked to, but, you know, definitely. Probably something to think about, even during the winter when it's a little bit slower before you have the two entities. Because if you have two entities, someone can really mess up your taxes. And then you, like, it's no longer a lean on your house. It's like, hey, mister, we're going to lock you up. And so it can and it can be just out of neglect or, you know, not not willfully, especially after next year, you'll probably be doing over a million. So it is a matter of really solidifying that inner circle.
Right? Absolutely. And I saw that you actually is Brad opening up, like, the CPA thing. So that way he's, like, taking on bookkeeping and stuff like that.
So, yeah. Home service accounts. So just talk to her.
At the end of the day, like, we're we're doing business. And I need timely filings and not late fees getting.
