I just realized I caculated wrong state depreciation amount last year while working on the return this year. Should I let the manager know about the issue? Or should I just let go?

likehelpful
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As painful as it is, I always admit if I find a mistake. People understand and can determine the best way to handle it, but if they find out you hid it from them they won’t trust you again. I don’t work on returns, but have missed big tax issues before and caught them later and I never got a hard time about it.

likesmart

This is a good approach and shows maturity in catching mistake and learning more tax technical from prior year.

like

It’s immaterial. Pass

likefunny

It's timing. Pass

likefunny

🤫

funnylike

You can always catch it up on the current year or reduce the current year expense if it was overstated. It shouldn’t make too big of a different but better to address it. At the end of the day manager should have caught it

likefunny

Well that’s on whomever reviewed and signed returns

Let the manager know, document it - see how much will be the tax impact when it expires (3years after filing). Someone will find your mistake at some point, so documenting it will show your competence - everyone makes mistakes, not everyone can determine they made mistakes.

like

What’s the after tax amount?

I would let managers know. everyone makes mistakes, even managers

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