You have been hired by LJ, LLC to prepare the tax return for the partnership. Lala and her brother, John, are 50-50% partners. Lala is the managing partner who is responsible for all daily activities and financial decisions. John is a passive investor. You were hired by Lala and never met John. While preparing the tax return, you notice that Lala had paid over $10,000 of personal expenses through the partnership. What obligation or ethical responsibility do you as the tax preparer have to make sure John is aware of his sister's conduct

Answer rating: 100% (QA)

As the tax preparer for LJ LLC you have both ethical and professional responsibilities to ensure that all partners are aware of any relevant financial ... View the full answer