Tax & Accounting News

Important Lessons To Learn From Manafort's Accountant

8/6/2018

It should really come as no surprise to anyone that Paul Manafort is being taken down the same way the government got Al Capone--by good old-fashioned tax evasion charges, instead of outright, hardcore criminal activity. It is often easier to prove tax fraud than it is to prove other, more nefarious criminal activity, and the government knows it can use tax fraud to convict people it wants off the streets for other reasons. So, the Manafort trial is turning out to be less about collusion with Russia than it is about financial crimes. In the middle of all of this is Manafort's accountant, who may be instrumental in the government getting the conviction it desires.

If one looks at the Manafort case in terms of the accountant/client relationship, there are some important lessons to be learned. Here are some things we can all learn from Manafort's accountant.

Cynthia Laporta, Paul Manafort's accountant, testified in court last week that she had some serious reservations about filing her client's tax returns. Laporta's testimony can be considered reliable, because she has been given immunity from prosecution by the government in exchange for testifying. Therefore, she has no reason to be anything but truthful. And the truth is she was unsure of the veracity of some of the information Manafort and his business partner, Rick Gates, were giving her about some loans they had in their names.

Laporta was also unsure about money they said was being transferred to their international political consulting business. Essentially, Manafort and Gates (who already has immunity in exchange for his testimony on Manafort) asked Laporta to treat $2.4 million in income they received from offshore political consulting businesses as loans. When she asked them to provide proof, they did not send her anything, and she admitted she went ahead and filed their tax returns this way based only on their word.

Laporta said:

“I had no idea. I just asked for evidence. … I never received the information I requested regarding backup for income or for any additional expenses.”

Another issue came up when Manafort and Gates wanted to apply for a new loan at Citizens Bank, but an old $1.5 million loan from Peranova was preventing it, as Citizens Bank did not believe they had enough money to pay back the new loan. Manafort and Gates told Laporta the Peranova loan had been forgiven, but did not send any supporting documentation. Laporta, in turn, told Citizens Bank of the forgiveness, and Manafort and Gates were granted the new loan.

The pair eventually sent Laporta a supposed forgiveness letter from Peranova, but its date was wrong, and it was never clear if it was real or forged. Laporta told the judge she did not believe the letter was real, but sent it to Citizens Bank anyway.

According to Laporta:

“I honestly believed the bank would have to vet that document themselves, and I felt I was protected by having them prepare that document and own that document.”

Laporta admitted under oath that she filed the tax returns anyway, despite her reservations about them. She has also told the judge she regrets filing the returns, and believes it was wrong of her to do so.

If that is the case, then why did she do it?

In Laporta's own words, she did not want to call Manafort and Gates liars while preparing their tax returns, because they were longtime clients of her accounting firm, Kositzka, Wicks, & Co. While it is understandable to want to protect loyal clients who are also high net worth individuals, there is a line of ethics in accounting that simply cannot be crossed for any client. Laporta realized that, and on the stand, she said her actions were inappropriate, and that:

“We can’t pick and choose what’s a loan and [what’s] income."

Laporta only agreed to testify if she was given immunity; otherwise, her lawyer said she would be pleading the Fifth. Laporta should serve as a cautionary tale for accountants. Protecting clients is part of the job, but not if it crosses the line of ethics or illegal activity. If a client asks an accountant to do anything the accountant knows is against the law, or suspects may be based on fraudulent information, the accountant has a duty to advise the client of the wrongdoing.

This is what Laporta should have done with Manafort and Gates. She was concerned about possible litigation the pair could have raised with her firm, but the AICPA and IRS has rules in place that guide client confidentiality.

When in doubt, an accountant should always be ethical, follow their instincts, and refuse to perform illegal acts. The AICPA Professional Ethics Executive Committee has issued guidance on how to deal with confidential client information. Under ET Section 1.000.020, the CPAs responsibility is to maintain the confidentiality of client information and is not allowed to disclose fraudulent activity unless the client consents. The IRS code includes similar confidentiality language. The CPA is required to inform the client of the error but is not required to inform the taxing authority if the client chooses not to address the issue. The CPA must than decide if they want to withdraw from the client engagement. Section 7216 of the IRS code, allows the disclosure of tax return information to the proper law enforcement during a criminal law enforcement. CPAs should seek legal counsel in a situation like Laporta experienced in the Manafort case. If accountants do these simple things, they will likely not find themselves on the stand under an agreement of immunity, testifying against their clients in court like Cynthia Laporta.

If you are not an accountant and become aware of potential fraud, consulting an attorney who specializes in IRS whistleblower cases may help ease your legal concerns. The IRS can award up to 30 percent of any additional tax and other amounts it might collect.

Lee Reams II, writes for TaxBuzz, a tax news and advice website. Reach him at [email protected] or on LinkedIn.

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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Liability Limitation and Usage Guidelines for TaxBuzz Ai:
Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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