Case Result

$165,000

Accounting Malpractice

1996

Massapequa, NY

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Case Details

Plaintiff corporation claimed its accountants were negligent in advising that its business (manufacturing and selling stairs) did not require collection and payment of New York sales tax. A routine audit resulted in an assessment of $192,000 in back taxes plus $178,000 in interest and penalties.

Additional Notes

Settlement for $165,000 plus the waiver of approximately $10,000 in outstanding CPA fees. Penalties were eliminated and interest reduced due to the plaintiff's reliance on the accountants' incorrect advice.

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