Should I lecture client?


D

Don Baaso

A fine family man appears to have developed a major gambling
addition. Last year was the first time I saw W-2Gs to the
tune of $6k. This year there are 48 W-2Gs to the amount of
$148k. IMHO this probably means a net loss of $30k. He has
casino player card data to show net loss but did not show it
to me. This is a nice family with one child in college and
a $70k income.

I want to say to him that his behavior will lead to great
harm and he needs to seek help pronto. Should I? He
probably won't listen. I did this once before to no avail.

Has anyone given personal advise to clients?
 
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Z

Z Z

Unless you desperately need his business, speak out loudly
and tell the wife too.
 
C

CLJ1219

I want to say to him that his behavior will lead to great
harm and he needs to seek help pronto. Should I? He
probably won't listen. I did this once before to no avail.

Has anyone given personal advise to clients?
This is a tough one.

You probably shouldn't talk to him unless you do so as a
friend. We have tried giving personal advise to clients and
they don't listen. Heck, some of our clients don't listen
to the business advice we give them! <G>

Carol
What can one expect of a day that begins with getting out of bed.
 
F

Frederick Jorden

Don said:
A fine family man appears to have developed a major gambling
addition. Last year was the first time I saw W-2Gs to the
tune of $6k. This year there are 48 W-2Gs to the amount of
$148k. IMHO this probably means a net loss of $30k. He has
casino player card data to show net loss but did not show it
to me. This is a nice family with one child in college and
a $70k income.

I want to say to him that his behavior will lead to great
harm and he needs to seek help pronto. Should I? He
probably won't listen. I did this once before to no avail.

Has anyone given personal advise to clients?
I have but I would limit this to one suggestion that he seek
help. I would not go any further. You can lead a horse to
water but.... Had a new client who I felt was caught up in
an seminar investment scam. When I brought up the problems
that I saw with the investment program she got very
defensive. I told her I was never going to raise the issue
again and I lost the client. But I sleep well.
 
C

CBres77376

The mind your own business chicken answer: I've found that
taxs itself provide a good way to at least approach a
personal subject I feel bad about with a friend whose taxs I
am doing: by going into much more detail on the subject then
I normally would and causing them to think about what they
are doing.In this case I would delve into documentation
requirements for gambling losses(slot club data is not
always exceptable because of card pulling and other
factors)losses up to winnings and only if you itemize,win in
one year (w2-g)lose in another you have a tax problem even
what it takes to prove your a professional gambler to I.R.S.
if you think its would help.Jean Scott put out a book on all
the tax record keeping and implications there in.If he's an
advantage gambler with a large enough bankroll(in this case
would be the right videopoker games other forms would not
generate W2-gs) he may not have a finicial problem.If you
are going to give personnal advice it should be seperate
after the taxs are done.
 
H

Harlan Lunsford

Don said:
A fine family man appears to have developed a major gambling
addition. Last year was the first time I saw W-2Gs to the
tune of $6k. This year there are 48 W-2Gs to the amount of
$148k. IMHO this probably means a net loss of $30k. He has
casino player card data to show net loss but did not show it
to me. This is a nice family with one child in college and
a $70k income.

I want to say to him that his behavior will lead to great
harm and he needs to seek help pronto. Should I? He
probably won't listen. I did this once before to no avail.

Has anyone given personal advise to clients?
Only when asked.

Exception: when they've obviously had TOO darned much
withheld by employer! (exception proves the rule)

therefore, bite your tongue. Do you want to lose a client,
anyway?

Cheer$$,
Harlan Lunsford, EA n LA
 
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J

Jo Firey

Frederick Jorden said:
Don Baaso wrote:
.... Had a new client who I felt was caught up in
an seminar investment scam. When I brought up the problems
that I saw with the investment program she got very
defensive. I told her I was never going to raise the issue
again and I lost the client. But I sleep well.
Sadly I had this happen with not just a client but a dear
friend. He got into one of those trust deals where you put
your house and everything else into a trust and then deduct
everything.

He really didn't understand and was deeply offended when I
told him I could not do his taxes. That I couldn't do what
the trust sellers told him and couldn't even straighten out
the mess.

Jo
 
L

Lesstax

Harlan Lunsford said:
Don Baaso wrote:
therefore, bite your tongue. Do you want to lose a client,
anyway?
in other words if it is in your financial interest dont
follow your heart and try to help a fellow human?

your advice may be over looked but that is not in your
control, helping is..

you never know, your advice may be the straw that broke the
camels back and push your client to seeking help.

just my humble opinion..

g
 
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H

Harlan Lunsford

in other words if it is in your financial interest dont
follow your heart and try to help a fellow human?
Remember how I responded: "Only if asked."

When doing tax work I am NOT doing financial consultation.
If I were, I would be charging for that separately.
your advice may be over looked but that is not in your
control, helping is..
I am not a priest; I am not a minister; I am not a
psychologist. However, IF, and that is a big "IF", I have
known someone for a long time, and feel comfortable with
him, and I'm sure he feels comfortable with me, I might get
a word in edgewise about some destructive financial
behavior.
you never know, your advice may be the straw that broke the
camels back and push your client to seeking help.
I guess my real point is that we should stick to what we do
best.

Cheer$$$,
Harlan Lunsford, EA n LA
 

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