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poohbear_nc · 01-12-2016, 08:17 PM

Well, it's been a while since I shared any stories of 'adventures with my boss' - I don't know if that means he is improving, or that my progressive brain death is accelerating.

But, today, a new tale to relate: "It runs in the family"

The company I work for is family owned, with the fourth generation poised to take over, so to speak, in a year or so. The heir apparent is a former fratboy smart a$$ whose management style is talking loudly and issuing orders in your doorway, so that he can flee before you can ask any questions. He manages by committee meeting, with absolutely no follow-up on his suggested changes/improvements, etc. He has no knowledge of accounting, and can't even read his own balance sheet.
He's making early retirement a no-brainer decision.

So, this afternoon, my boss (the dad), asks me to read an email sent to him by the heir's wife. (Don't get me started on her!). It's from their tax accountants, and she doesn't understand what they are talking about. She called the heir, and he's clueless too. So they forwarded it to dad, who metaphorically forwarded it to me. In this email, the accountant is making projections on their probable tax obligation for 2015, and asks if they are going to make their fourth quarter estimated tax payment for 2015.

It seems neither the heir or wife ever opened the large white envelope that contained their 2014 tax returns, and hence didn't read the schedule of estimated quarterly tax payments to be made in 2015.
Upshot? They have made no estimated tax payments in 2015, and are looking at coming up with over $20,000 plus fines plus interest ... aside from what's now due on their year end return. And a probable audit.

How could this happen you ask?

Well, the heir and wife decided that they were big kids and could do their own taxes (= take their stuff to the accountants). They didn't need to ask for help from that 'know it all' in dad's office, who looks after all the other family members' tax stuff.

I know I'm eventually going to get blamed for this, but I'm just not sure yet how ....

[Updates to follow]

01-12-2016, 08:17 PM	#27012
poohbear_nc Bah! Humbug! Posts: 63,762 Karma: 135239851 Join Date: Feb 2009 Location: Durham, NC Device: Every Kindle Ever Made & To Be Made!	Well, it's been a while since I shared any stories of 'adventures with my boss' - I don't know if that means he is improving, or that my progressive brain death is accelerating. But, today, a new tale to relate: "It runs in the family" The company I work for is family owned, with the fourth generation poised to take over, so to speak, in a year or so. The heir apparent is a former fratboy smart a$$ whose management style is talking loudly and issuing orders in your doorway, so that he can flee before you can ask any questions. He manages by committee meeting, with absolutely no follow-up on his suggested changes/improvements, etc. He has no knowledge of accounting, and can't even read his own balance sheet. He's making early retirement a no-brainer decision. So, this afternoon, my boss (the dad), asks me to read an email sent to him by the heir's wife. (Don't get me started on her!). It's from their tax accountants, and she doesn't understand what they are talking about. She called the heir, and he's clueless too. So they forwarded it to dad, who metaphorically forwarded it to me. In this email, the accountant is making projections on their probable tax obligation for 2015, and asks if they are going to make their fourth quarter estimated tax payment for 2015. It seems neither the heir or wife ever opened the large white envelope that contained their 2014 tax returns, and hence didn't read the schedule of estimated quarterly tax payments to be made in 2015. Upshot? They have made no estimated tax payments in 2015, and are looking at coming up with over $20,000 plus fines plus interest ... aside from what's now due on their year end return. And a probable audit. How could this happen you ask? Well, the heir and wife decided that they were big kids and could do their own taxes (= take their stuff to the accountants). They didn't need to ask for help from that 'know it all' in dad's office, who looks after all the other family members' tax stuff. I know I'm eventually going to get blamed for this, but I'm just not sure yet how .... [Updates to follow]