Accounting firm denies responsibility for client’s $2M tax predicament.

TLDR:

• An accounting firm is contesting blame for a client’s $2M tax bill due to a change in tax law stemming from the U.S. Supreme Court’s 2018 Wayfair decision.
• The firm argues that advising on such topics was not within the scope of its duties to inform an online flower bulb retailer.

The accounting firm is defending itself against allegations that it should have informed an online flower bulb retailer about a major change in tax law following the U.S. Supreme Court’s 2018 Wayfair decision. The firm argues that advising on such topics was not within the scope of its duties to the client. The client faced a $2 million tax bill as a result of the change in tax law, prompting the firm to contest the blame being placed on them.

The case is being heard in the North Carolina Business Court, where the firm is arguing that it had no duty to inform the client about the tax law change. The outcome of this case could have significant implications for accounting firms and their responsibilities to clients in light of changes in tax legislation.