2nd February 2017
I’m sure we’ve all been in this situation before. You’re embarking on something new, whether it be personal or professional, you’re not sure where to start or what to do, so you seek out expert advice for multiple sources – including a tax partner. And in a world where a barrage of information is available at the touch of a button (or screen) it’s not long before you’re following what you believe to be sound advice from an individual or business that, on the face of it, seems legitimate.
However, this isn’t always the case.
There are some out there who may seem like the real deal, but are in fact involved in shady dealings that could impact you in the long run. Take the example of Semere Tsehaye, the owner of a number tax franchises in Missouri, Illinois and Kansas. Given his professional standing, you’d expect Tsehaye to be fully compliant when it comes to tax payments.
At the end of 2016, however, he was convicted of two felony counts of tax evasion, resulting in a 27 month prison sentence and a fine of $298,178. Turns out, the tax professional had dodged payments in excess of $500,000 during 2010 and 2011 by understating the gross receipts from his numerous Instant Tax Service franchises and providing false financial summaries.
For anyone paying taxes across borders, this example highlights two things. First and foremost, if an ‘expert’ on taxes is unable to get away with fraudulent behaviour, it can certainly be surmised that no one can. Secondly, this really demonstrates the need to ensure you’re working with a reputable and trusted partner at all times to limit any associated risks.
So what do you need to consider when choosing a tax partner?
Make sure you do your research, find out as much as you can about their history, areas of expertise and prior work. And ensure you look at the whole team you’re working with. Remember, a partner must be someone you can truly rely on and trust, so gather as much information as you can.
For example, at 6CATS we employ only the best experts in the global tax arena and will constantly ensure they have the training they need to deliver the best possible service. You can find out more about our experts on our team profile page, or if you want to know more, why not contact us today: