abctax55
Level 15
12-07-2019
09:07 AM
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Yes...you should be concerned (at least theoretically).
The AICPA has a template for what the letter should say, and so far it has worked for any client on whose behalf I've had to send it out to a lender.
It's a full page that basically says "read the g*damn return, do your own due diligence, and I have NO responsibility to you if they default on the loan (which, is what the lenders are hoping for - someone to go after if the borrower doesn't make the payments).
edit - link to example (last page):
"*******Tax software is no substitute for a professional tax preparer*******
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