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Friday, February 21, 2014

Kevin Durant Sues Accountant Over Tax Troubles

The Oklahoman:  Kevin Durant Sues Accountant Over Tax Troubles:

DurantOklahoma City Thunder star Kevin Durant is seeking monetary damages from a California accountant on counts of professional negligence, breach of fiduciary duty and breach of contract. He is asking for at least $200,000 on each count.

Oklahoma City Thunder star forward Kevin Durant is having tax troubles, and he blames his former accountant.

In a federal lawsuit, Durant complains the accountant made a number of mistakes on his company’s tax returns, such as deducting the cost of his personal chef as a business expense.

“Fees paid to a personal chef would not be regarded by a reasonably prudent accountant as qualifying for a business expense deduction,” Durant’s attorneys stated in the lawsuit.

Durant sued California accountant Joel Lynn Elliott in December on counts of professional negligence, breach of fiduciary duty and breach of contract. He is asking for at least $200,000 on each count.

(Hat Tip: Jon Forman.)

http://taxprof.typepad.com/taxprof_blog/2014/02/kevin-durant-.html

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Comments

Funny how clients ask for hyper-aggressive tax treatment then sue the accountant when things blow up in their face. The lesson here is to explain and document an aggressive position with your client.

Posted by: HTA | Feb 24, 2014 7:09:10 AM