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  3. you have been hired by lj, llc to prepare the tax

You have been hired by LJ, LLC to prepare the tax return for the partnership....

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Accounting

You have been hired by LJ, LLC to prepare the tax return for the partnership. Lala and her brother, John, are 50-50% partners. Lala is the managing partner who is responsible for all daily activities and financial decisions. John is a passive investor. You were hired by Lala and never met John. While preparing the tax return, you notice that Lala had paid over $10,000 of personal expenses through the partnership. What obligation or ethical responsibility do you as the tax preparer have to make sure John is aware of his sister's conduct? You should not disclose this information to John since it relates to the financial data not tax data and you were only hired to prepare the tax return You only need to communicate with Lala since she hired you You should make sure John is aware of the payments You have no obligation to tell John about the payments since you have never met him

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