PATAX
Level 15

Thanks Iron Man. I think we are going to end up having to do this. First of all the clients and many attorneys do not even know about it, and they probably don't want to do it. The massive potential penalties are a huge problem. I'm sure there are many accountants out there that don't even know about this also. It looks like some of the Insurance liability carriers may or may not cover this. If we do not do this, then some of the clients may find another CPA to do it. We really are in a situation. If I do end up doing this for existing clients only, then I'm going to make sure they sign a rock solid engagement letter that clearly specifies that they alone are responsible for any penalties. And also I am not going to do it for free, I can tell you that. If by chance I accept a new client then I'm going to tell them to have the attorney take care of that when they file the initial paperwork with the Department of State. But everything may change, as we are in a wait and see mode.