I was on a cruise talking shop with another CPA. He was a lifelong controller, but not a tax pro. We got to chatting about finances, and he pulled up his tax return to show me something.
That's when we spotted the problem.
He'd been misreporting his RSUs (Restricted Stock Units) for years.
The mistake? It cost him five figures in overpayments to the IRS. Money he didn't actually owe but had been sending in year after year.
Right there on the deck, we walked through how to amend his returns and get things corrected.
Lesson?
Pride is expensive. Just because you're in finance doesn't mean you know every corner of the tax code. If something feels off with your taxes, don't ignore it. Check it. Seek guidance from someone who specializes in that area. Fix it and move on.
Even the most experienced professionals miss things outside their expertise. If you're unsure about your tax situation, especially with stock compensation, get a second set of eyes on it before it costs you thousands.
This is exactly why I believe in building genuine relationships with clients. Learn more about my approach.