Accountants can face many potential issues throughout their career as a licensed professional. If one wants to pursue the field, one must be aware of the variety of situations that can come with providing a service to the public and being regulated by the state’s standard of codes.
Setting aside clientele interaction, there are certainly internal problems that can occur and can equally impact one’s ability to practice accounting. The office could have employees that are not following proper accounting practices, cutting corners, or even ignoring certain practices from their clients (i.e., distribution of funds, business tax returns, etc.). Equally important, it is the business’ responsibility to follow the current and exact protocols for recordkeeping, renew licensure, and, obviously, that their clients are not involved in fraudulent tax issues. If there are any faltering employees or practices within this machine, one’s license and ability to practice accounting could be put on the line. Thus, it is important to maintain an active role within the firm since one is held accountable regardless of complicity in any potential issue.
Accountants are privy to and responsible for individuals’ and businesses’ most private and sensitive financial information. It is of utmost importance to maintain these standards and protect this information with unmatched levels of professionalism. Because of the nature of these particular conditions, clients may be particularly sensitive about their financial information or what their tax situation involves/represents; having the ability to get the job done without placing a client in an uncomfortable situation or pushing them outside of their comfort zone is integral. If these standards are not maintained, the licensed professional runs the risk of being on the receiving end of a complaint from a disgruntled client.
Unlike some other professions, where the practice generally remains the same and there are not too many changes within their industry, accountants have a unique experience of needing to constantly learn ever-changing tax law and closely follow any possible implementations of law. If the accountant does not keep up to date with changes to law, whether it be amendments, additions, or omissions, the tax return(s) prepared by the licensed professional could be rejected or even subject to later penalties if something were done incorrectly, and the onus of responsibility to pay any penalties falls back on the client even though the accountant made the mistake. If a client feels like they are wronged in this situation, they would be liable to pursue a formal complaint. These are just a few circumstances by which being a licensed professional has its risks and one should strive to maintain standards accordingly.
Williams & Nickl has represented thousands of licensed professionals and their licensed business entities who face issues with IDFPR. If you find yourself in such a situation, Williams & Nickl can provide the help you need.
