Last year my wife and I bought an ecommerce business. Long story short, we're late filing our 2021 taxes (had to fire original bookkeeper and start over) and I'm just now getting the Form 1120S and accompanying state and federal forms (K-1, 4562, etc.)
Our new bookkeeper referred us to an accounting firm for a CPA earlier this year as they didn't have enough capacity for new clients. I spoke to our new CPA earlier this year and she clearly knew her stuff and answered all my questions. I didn't realize the S-Corp filing deadline was March 15th but our previous bookkeeper claims they filed an extension. Either way, we're going to be filing late and have to write the IRS a letter requesting a waiver of penalties and interest (should be successful since it's our first year according to an IRS agent and other CPA I know). I didn't realize at the time that our CPA would not actually be preparing the return and when the preparer emailed me an initial estimate of our return it was far lower than I expected because no depreciation or amortization was included.
Fast forward a few months and I've finally got the business tax return (not the 1040 yet) and there's a bunch of mistakes and missing information. I.e., Albuquerque is misspelled, cash accounting is checked instead of accrual, etc. Some of it was due to me not providing all the information but I sent a lengthy email of line-by-line corrections (NAICS code, missing depreciation, missing amortization, loan payments made by the SBA under the CARES Act not being properly recognized, etc.). I just got the revised return, and it looks like they addressed the depreciation and that's about it.
I've spent the last few hours going line by line making comments in the PDF but now I've lost all confidence that the preparer (not the CPA, someone else in the firm) knows what they're doing - or that the CPA is actually reviewing anything. For instance, our shareholder's basis computation is basically blank despite us putting in tens of thousands of dollars in down payments, working capital, etc. The section about debt basis is also blank even though we took out an SBA loan and a seller note. There's no amortization even though 80% of the business we purchased was goodwill so we should be able to amortize that over 15 years. The SBA loan payments paid for by the CARES Act aren't addressed at all - nor is the reduction in employee expense from the Employee Retention Tax Credit.
The bottom line is a bunch of sections of various forms are blank and I don't know if that's the way it should look, or if the person preparing this is just lazy/incompetent. I already paid in full months ago but now I'm spending multiple hours reviewing and correcting their work.