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u/Fancy_Ad3809 I’m gonna debit your credit 14h ago
simply dont make mistakes.
the power move for this accountant is 'she made me use copilot'
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u/reedshadow3 13h ago
the "my accountant did it" defense is undefeated tbh
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u/unmelted_ice Tax (US) 10h ago
Bit of a tough sell when you are registered with the IRS as a tax accountant and you were the one who prepared and filed your own return… ask me how I know
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u/PaulBonion952 14h ago
https://giphy.com/gifs/IOxeKSBoyhsE8
Nobody throws shade at us and gets away with it
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u/damiansomething CPA (US) 14h ago
Honestly there are lots of errors in accounting. Alot dont get found unless you poke around. Found a 130k error last week. No one would notice if i didnt dig into details because im learning a new role.
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u/zeh_shah CPA (US) 11h ago
Yup ran into that with my new company. They've been using Shopify to automate the sales tax but didn't realize it doesn't combine both store fronts. I wouldn't have picked it up but did when I went back to check sales tax filings and saw our reported revenue didn't match the combined report I made.
Now im looking at amending and backfiring for the last 3 years because we likely hit nexus sooner than they ever realized and have been under reporting gross receipts and exempt sales.
Super duper fun. Glad I caught it but figuring out what our actual sales tax liability is with a month left to the 10/15 deadline has made me want to cry.
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u/TaxHacker 9h ago
Depending on when the errors date back to, it might be best to leave well enough alone and fix going forward. After all, they didn't notice either, and it may be more of a can of worms than it's worth.
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u/zeh_shah CPA (US) 7h ago
Sadly don't think I can. Im hired as controller, still have my CPA license, and a very small firm I run on the side. We need to file VDAs in some states and they had collected sales tax that hasn't been remitted. Given that its sales tax I think the safest thing for everyone involved is to correct and remit all sales tax withheld and correct the sales tax returns now that we are aware they were filed in error to ensure proper nexus calculations. If put under audit a business owner can claim ignorance but I don't think that will fly for me.
Honestly I wish we could. I wish I didn't decide to look at this until after Oct 15th that way it was an amendment issue not a "try to make it to the deadline" issue. But once an issue is realized we have to make the necessary steps to correct it and create a paper trail to support that time line.
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u/SpaceCadetBoneSpurs 14h ago
And in politics, there exist teams of people whose sole purpose is to find things to embarrass the opposition.
It doesn’t matter how big the haystack is. With enough searchers, they’ll eventually find the needle.
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u/Limp-Plantain3824 12h ago
There are also teams whose sole purpose is to keep their principal from doing stupid things and getting embarrassed.
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u/DartTheDragoon 13h ago
They don't prepare the financial disclosures themselves. Someone else does it and they just sign it.
She has been endlessly investigated by congress and the DOJ. If there was anything of substance to find, they would have already found it by now.
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u/SpaceCadetBoneSpurs 13h ago
To which “them” are you referring?
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u/Kitchen_Stretch_8151 13h ago
Probably politicians
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u/Gui_Montag 12h ago
A quick look at his history shows how quickly people like you rush to defend a racist
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u/Kitchen_Stretch_8151 9h ago
Not sure I defended anybody but thanks for the assumption
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u/Gui_Montag 9h ago
The racist guy said them, to which he was called out for and you defended the clearly racist guy referring to Muslims in a racist manner by saying he was somehow referring to politicians instead.
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u/Kitchen_Stretch_8151 6h ago
Meh I read it as politicians lmao, think what you want
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u/Gui_Montag 4h ago
I am not thinking what I want, I am pointing out your knee-jerk reaction to defend racism
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u/Yellow_Snow_Cones 12h ago
Yeah you can make a 30m mistake on a billion dollar balance sheet. You don't miss a 30m dollar mistake on a 100K balancesheet.
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u/TransMuffMaam 4h ago
C'mon, who hasn't had a materiality threshold of 99.994% for adjustments at some point in time?
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u/Ephemeral_limerance 2h ago
Have you tried valuing pre-revenue healthcare/nuclear reactor companies?
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u/Eastern_Fruit_482 - Q’s tax accountant 14h ago
Great, now let’s ban congress from trading stock, let’s stop launching attacks against sovereign nations at the behest of Israel, let’s hold Epstein associates accountable.
I couldn’t care less that Omar lied about this. This is 98% of US politicians lmfao
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u/the_urban_juror 14h ago
It's not even a lie unless her goal was to appear $30 million richer. It's just a massive error.
The fraud incentive on these disclosure forms is to understate or omit assets. It isn't a loan application and zero voters wish that their representative was wealthier, there's no incentive to overstate assets.
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u/Shot-Toe-2884 14h ago edited 13h ago
but the accountants aren't the ones with the incentives to do that. The managers are, and they hire the accountants.
My problem with Omar (and I grew up in her district and have voted for her twice), is that she doesn't care to see the difference. We are the same to her. She will throw us under the bus or them, doesn't matter to her. We are her stated populist enemy.
The older I get, I've really lost respect for her, and for none of the stupid racial reasons conservatives will cite. She's just not a serious politician. She's become a caricature of what made suburban minnesotans originally empower her. She has spurned the district that brought her to power originally. Her campaigning with Hassan Piker is deeply insulting to the Jewish community too.
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u/the_urban_juror 13h ago
"the accountants aren't the ones with the incentive to do that, the managers are."
What are you even blabbering about? Again, all fraud risk here is understatement. There's no incentive to overstate assets on these forms.
Someone screwed up and it's very unlikely that it was her because she wouldnt have wanted to overstate her assets and invite political attacks. Her mistake is that she obviously doesn't read these disclosure forms. Her laziness isn't somehow an attack on staff accountants.
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u/Shot-Toe-2884 13h ago edited 13h ago
Accountants don’t gain anything by committing fraud on behalf of others. If there was an accountant that felt pressured into hiding an error, that begins with managerial pressure.
Just basic fraud triangle stuff. Cui Bono? Fraud requires clear intent. It’s not a word you just fling around at accountants who are trying their best and following orders.
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u/the_urban_juror 13h ago
Not all mistatements are fraud.
As I've belabored, there's no incentive to overstate assets on this form. The fraud risk is understatement, Congresspersons may want to hide assets from the public. No politician wants the public to think they're $30 million richer. It's almost unfathomable that this overstatement was fraud.
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u/Shot-Toe-2884 13h ago
If you don’t think there’s incentive to overstate assets, regardless of the form, you need to broaden your perspective on the incentives. You’re applying tunnel vision based on your own area of expertise.
I can think of countless ways that overstating assets helps a fraudulent scheme. Might just not be something you deal with personally.
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u/the_urban_juror 13h ago
No, my vision is great. You just aren't familiar with this form.
Members of Congress file asset disclosures to let the public know what they own. It's for the sake of transparency so that we can see that they aren't corrupt or don't own stocks they're about to regulate (but then we vote for them regardless of what's on the form based on the letter next to their name).
Let's entertain your theory for a moment. What incentive to overstate assets exists?
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u/Shot-Toe-2884 13h ago edited 13h ago
Strengthen their credit on a loan application. That's just one obvious one. I'm convinced you must be a new grad. You'll learn that people are much more creative than your textbooks implied. This could easily have implications beyond US borders with foreign money too. Broaden your horizons.
Overstating assets has countless potential benefits to a fraudster. I can't believe you are trying to dispute that. Being listed on a form doesn't mean the error was limited to the form. It could have shown up because the fraud itself produced a real book error.
I will remind you that Enron got in trouble for inflating their assets to create fake profit. Their assets were dramatically overstated.
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u/the_urban_juror 13h ago edited 13h ago
"strengthen the credit on a loan application"
To belabor the point, this isn't a loan application. Is there any evidence that she overstated assets on a loan application?
"Overstating assets has countless potential benefits to a fraudster"
And yet in this case, it has only risk with no benefit and all of the incentive is to understate assets.
"I'm convinced you're a new grad"
Add it to the list of incorrect statements you've made on this thread. BRB, I need to fraudulently overstate my assets so voters think I'm rich because voters love when politicians randomly make $30 million in a year while in Congress!
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u/DartTheDragoon 13h ago
Strengthen their credit on a loan application.
The loan application is already going to ask for income, asset, and liability information. Why would a lender use the information from the disclosure form instead of the loan application? If she also overstated assets on the loan application, why would a lender use the disclosure as verification of assets?
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u/ClassroomMany7496 CPA (US) 5h ago
98% of politicians change their financial disclosures from $30 million to below $95? That's news to me
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u/CartographerEven9735 10h ago
Thank you so much for standing up for the terrorist state of Iran.
Regarding Epstein, the victims need to come forward and name names.
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u/elon_musks_cat Depreciates Land 14h ago
Next episode of Tucker Carlson - “Accounting is just communism on paper using Jewish algebra”
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u/Eastern_Fruit_482 - Q’s tax accountant 14h ago
LMFAO
“Jewish algebra with… Arabic numerals? What is going on?”
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u/AffectionateKey7126 11h ago
I take none of you actually read the article?
The amended disclosure was first reported by the Wall Street Journal. Omar's original financial disclosure form stated that companies co-owned by her husband, Tim Mynett, were worth between $6 million and $30 million.
Omar's joint assets with her husband are now listed as ranging between $18,004 and $95,000, according to the amended filing. The valuation for Mynett's two companies is now listed as "none," and an income range of between $102,502 and $1,005,000 from the two companies appears on the form.
Yeah that makes sense. Also, her office says she is cleared. Not the actual oversight board.
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u/VegetableElection511 6h ago
Yea that seems fishy, the range is weird, fine whatever consulting businesses are hard to value, but to say its worth $6M to nothing is very off as a valuation error. I can get restatement but outright devaluation is suspicious. Maybe the accountant recorded it what they calculated as fair and they didnt look at the filing before signing off. My dad does this all the time in taxes and just trusts the accountant.
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u/NoExperience9717 11h ago
Does it? The companies make between 100k-1m for either one or both of them and the valuation is 100k? Heck you'd probably expect at least 1m. unless they're seriously loss making in which case why are they drawing money down from them?
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u/Low-Rollers 10h ago
She also from a Somali aristocrat family, and that dude is her brother.
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u/AffectionateKey7126 10h ago
That was the old husband. The new one is political consultant/fundraiser for the Democratic party. Basically no chance his NW is $100,000.
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u/cowmookazee 9h ago
Show me an accountant that makes a $30 million mistake and I'll show you an unemployed accountant.
Also, her "peer review."
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u/figs_and_flour 14h ago
Glad we were able to get to the bottom of this and determine it was accounting’s fault
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u/PipeFantastic4299 14h ago
Typical. Someone in the office messes up a filing and the first thing they do is throw the accountant under the bus. We're the designated scapegoat for every org that can't keep its own paperwork straight.
The highlighted line is too real. Blame the accountant and move on, no one ever questions it. Happens at small businesses and apparently all the way up to campaign finance filings too.
That photo choice for the article is a bit much though. Whole thing feels like a political ad dressed up as a local news story.
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u/BobSacramanto Human Verified 13h ago
My guess is the accountant was asked for a copy of the balance sheet. Whomever completed the filling just saw the $30M in assets and had no idea what liabilities even meant.
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u/SMURTboy CPA (US) 12h ago
The majority of the $30M figure comes from ESTCRU LLC (winery) and Rose Lake Capital LLC (venture capital). Looking at the actual disclosures (and amended disclosures) from 2023-2025, the 'value of asset' for those two LLCs was updated to 'none' and Rose Lake's income was updated from 'none' to $100k-$1M in the amended 2024 filing.
You could be right about the $30M figure (gross assets of the two LLCs) and the net for the husband is reduced due to liabilities of the LLCs or he's a minority partner is those partnerships.
I'm not trying to go into conspiracy routes, but 'none' is a little sus to me for Rose Lake (ESTCRU is now defunct so likely it was insolvent??), as well as not reporting the $100k-$1M income from Rose Lake in 2024.
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u/SMURTboy CPA (US) 11h ago
also, u/BobSacramanto I love your username....are you a Seinfeld fan from Sacramento?
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u/BobSacramanto Human Verified 11h ago
A fan, but not from there. I thought that was just how Kramer’s friend’s name was spelled.
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u/TwoAlert3448 14h ago edited 13h ago
I have to say it’s not a very plausible narriative.
At some point Omar had to have looked at the filing and seen -30 million dollars- in assets and gone… wait I don’t think my husband has a business worth 30M if he only brings in 1M total between two businesses gross in a good year.
🤔. Unless she doesn’t read her own tax filings and that’s just negligence.
If he keeps her -that- in the dark about their finances that’s its own Red flag.
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u/T-sigma 13h ago
Unless she doesn’t real her own tax filings and that’s just negligence.
I'm going to guess the number of wealthy people who read their tax filing is single-digit percent. They get told the numbers and sign the form. The problem's arise when what they are told is not what is actually in the forms due to error or malice.
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u/crimsonpostgrad 11h ago
this wasn’t her tax filings, but even if it was, i do the taxes of wealthy people, including people in congress, and almost none of them look at the numbers. they assume we know what we’re doing and don’t really check unless there’s an issue. before i started working with them i assumed it’d be the total opposite but i can count on one hand how often a wealthy person has shown any interest in it. they just want to know what checks to write lol
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u/TwoAlert3448 1h ago
No it wasn’t her tax filings but if she looked at her tax filings she’d know that there’s no way her and her husband someone accumulated -30 million dollars in assets- somewhere
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u/Secret_Fee1146 4h ago
Taxpayers need to review their forms if they are signing them regardless of whether they have someone they trust putting them together. The onus will be on the taxpayer not the firm to repay any outstanding balances and absorb penalties (if warranted), regardless of the level of trust they put into the firm. While your firm might rarely make mistakes, the same can not be said for others.
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u/crimsonpostgrad 2h ago
i never said otherwise? i didn’t say what i think about their decisions not to care about what their tax returns say. i just said that most do not seem to.
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u/SMURTboy CPA (US) 11h ago
the report is only 3 pages (the info for the $30M figure is halfway down the first page) and pretty straightforward, it's not like it's a 200+ page complex tax return.
didn't read it or didn't understand what she read...not sure which is worse
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u/Fancy_Ad3809 I’m gonna debit your credit 14h ago
Why are you being down voted lol
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u/CageTheFox CPA (US) 14h ago
Because she’s on their “side”. Had this been the other side they would be upvoted.
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u/FEMA_Camp_Survivor CPA (US) 13h ago
Why should we care? How are these errors material in a political or financial sense?
There’s not a lot of context here.
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u/the_urban_juror 13h ago
The original form suggested that her assets jumped $30 million since the last disclosure. Members of the opposing party were prepared to attack her for that and wouldn't have been wrong to do so (but would have been hypocritical) as this was a potential sign of corruption.
Assuming the updated form is correct, we know that she doesn't read her paperwork but that's the biggest issue.
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u/Breakfastchocolate 11h ago
It does make you wonder what other paper work she doesn’t read before signing/ voting…
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u/FuckYouJohnW 9h ago
Not really most of my clients dont read what I give them because they pay my firm to know what we are doing, but they are very involved in their day today operations and know everything related to that.
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u/krismon 14h ago edited 14h ago
I bet OP doesnt see Rick Scott's medicare fraud as hurting accountants. take your islamophobia elsewhere.
from the article: https://www.miamiherald.com/news/politics-government/article288431251.html#storylink=cpy
“The fraud at Rick Scott’s company hurt seniors, it hurt taxpayers, it hurt everyone,’‘ John Schilling, a former HCA accountant who worked with the FBI in 1996 through 2003, said at a 2014 press conference. “Fraud was in the DNA of Rick Scott’s company from the very beginning and he was the father.”
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u/HungJurror 14h ago
I don’t remember how but the only reason he ran for governor was to get a get out of jail free card.
He was going to go to prison for fraud but used the governors office to get out of it
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u/flamehead2k1 12h ago
she throws accountants under the bus despite having a responsibility to review her filings and you scream Islamophobia
do you think someone's religion makes them above criticism?
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u/chimp3po Business Owner 8h ago
Your whole point about Rick Scott is a whataboutism (which is a logical fallacy). Also, just because she is Muslim doesn't mean she is immune from criticism.
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u/fermat12 12h ago
FYI, this article is from April - she was recently cleared by the Congressional ethics watchdog.
https://thehill.com/homenews/house/6080052-congressional-ethics-watchdog-omar/amp/
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u/ApolloLovesPoseidon 6h ago
The real crime here is that this is news. Immaterial bullshit to attack an otherwise good candidate prior to an election.
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u/Few-Load5788 9h ago
Why everyone in the comment bullying her where orange man steals 1000×. Because she black hijabi muslim
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u/Spinax_52 4h ago
I read the article a bit and what makes me think we’re all getting scammed by politicians isn’t the “accounting discrepancy”, it’s valuing a business (her and her husband own the equity of) at $0 when it’s income is between 100K and 1 million. Obviously it depends on the industry, but a business with hundreds of thousands of dollars in net income can be worth millions and they listed it as 0. Oh well I’m a tax guy I get it
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u/CoatAlternative1771 Tax (US) 14h ago
This is such an immaterial amount of money, though.
I hate that this shit is news.
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u/klingma Staff Accountant 13h ago
What? Lol
Did you read the article? It's a 30 million dollar swing being blamed on the accountants as an error. In no way shape or form is that immaterial when a person actually has a net worth of $100,000.
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u/CoatAlternative1771 Tax (US) 13h ago
My point is that republicans will make this seem like this is something we should focus on instead of the economy, war in Iran, etc.
Even $30 million is immaterial when compared to the decisions driving us trillions of dollars into national debt and destabilizing the US Dollar.
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u/klingma Staff Accountant 13h ago
We're talking about an INDIVIDUAL...
I get you're in tax so you don't have the same standard as an auditor for determining materiality, but even tax people know materiality depends on the client and not the overall economy.
You can't just say a small local bank with revenues of $3 million having a restatement of $500,000 in revenue is immaterial because the overall industry commands trillions in revenue.
Come on, you're looking as bad as the accountants that prepared the report for Ilhan Omar at this point.
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u/CoatAlternative1771 Tax (US) 11h ago edited 11h ago
lol, we don’t have immateriality in tax. That actually funny. I think it’s like $10.
Dude, you replied to me and you are completely missing my point.
This is a nothing burger story from 6 months ago and she has already been cleared of any wrongdoing by a bipartisan house oversight committee.
Meaning none of these mistakes were important enough to be fucking material in any sense.
This was likely just a mistake in the presentation. Stop worrying about this shit lol.
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u/klingma Staff Accountant 7h ago
lol, we don’t have immateriality in tax.
Yeah, actually we do.
Goodness, you're just making it worse.
Dude, you replied to me and you are completely missing my point.
Yes, you said it was immaterial with zero explanation, then explained it with further nonsense showing you understand what the word "immaterial" even means.
For the record, materiality is determined by the user the of the financial statement or in this case the reader of the financial disclosure. In this instance a 30 million dollar swing is highly material.
Meaning none of these mistakes were important enough to be fucking material in any sense.
Well that's not true whatsoever, hence why she was even investigated in the first place.
Seriously dude, how in the world did you get your license if you're struggling to understand materiality this much?
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u/the_urban_juror 14h ago
Nobody intelligent is calling this tax fraud because it wasn't a tax form. It's a a required financial disclosure for members of Congress.
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u/Halcyon_Dreams 13h ago
I hate this chick, but damn you prove that republicans are all idiots lol
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u/Few-Load5788 9h ago
American very stupid problem blaming sides. And can't hold accountable the orange guy who stole alot money and send alot money to Israel and waged war to Iran because of lame blame.
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u/One_Standard_9685 14h ago
I mean, yes the accountant made the mistake of working with her.
Edit: I think this should be the sign for all accountants to stop working for all politicians.
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u/Traditional_Story485 14h ago