Bob, are you looking for work as a tax researcher??? I am looking to hire one. Thank you AGAIN for your time and expertise.

I told the clients that the @ $25,000 was the additional tax only and that I could easily see that amount being doubled with interest and penalty. It appears I may have understated the problem! Nevertheless, I've prepared 5329's for all years in question, along with 843's asking the Service to blame stupid Financial Advisor for all the clients' problems. I told clients at our meeting last week that there was no guarantee that IRS will accept our 'reasonable cause' defense. Now, I am of the opinion that their chances of getting the additional tax forgiven are slightly better than a snowball in you-know-where. I can only hope that IRS is still in the "gotta help the economy" mood if/when client decides to sign and mail 5329's/843's.