The dreaded 72-T calculation, who is doing yours?
I ask that question, because we picked up a new elderly client this past tax season and she expected me to do the calculation for her. Having been compliance for a group of financial advisors in a past life I know that it is supremely easy to make a mistake with that calculation.
I also know that my CPA E&O policy would not cover the error, I would be personally liable for any penalties and potential consequences. One of the reasons to give up my security licenses was the sheer financial cost of keeping them. I was a non-producing OSJ no client work, just financial planning for advisors and compliance.
I don’t know who did help her with her calculation, but I suggested she call her broker for assistance.