Anyone know of a good accountant that handles federal income taxes (and knows all the ins and outs) for airline pilots? I'm looking for an H&R Block type product that knows all the deductions airline pilots can use.
No matter who you use as a CPA, understand that you are ultimately responsible for what is in that tax document. Let me explain why I say this.
A number of years ago at my airline there was a pilot/CPA who did taxes for pilots and FA's. Well, everyone was getting these huge refunds. Turns out that he was taking childcare deductions for people without children, writing off pantyhose for pilots, etc. When people would question him, he assured them that in the event of an audit he would be there to represent them.
Well, the IRS did a 100% audit on his clients!! Where was he? He took off, out of the country to go fly for JAL, leaving his clients to defend themselves. Technically, by signing those tax returns, the clients were saying that the information in them was correct. Many people had to pay THOUSANDS of dollars in penalties, in addition to paying the taxes they would have owed.
Go over your tax return with a fine tooth comb, no matter who prepares it. Anything questionable, have them refigure it.
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