Kevin is a CPA who prepares tax returns for many elderly clients in his community. An IRS audit of one of his client$$s tax returns reveals that Kevin has changed the return information without proper authorization of the taxpayer and claimed a large illegal refund, which he pocketed without the client$$s knowledge. After discovering this fraud, the IRS decided to audit several returns that were prepared by the same return preparer. As a result, many similar frauds were discovered, which amounted to over half a million in fraudulent refunds.

analyze the situation above and discuss the possible consequences for both parties: the client and the tax professional.New answers, Please make sure no AI Involved.

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For the client the consequences could include penalties and interest ow... View the full answer