Stay up to date on what's happening!
Since April 2020, 13 CAMICO policyholders have reported data breaches that in aggregate resulted in the hackers filing over 300 fraudulent income tax returns through the CPAs' tax software. Continue Reading
As many counties and states loosen COVID 19–related restrictions for employers across the country, more questions than answers arise regarding best practices in return-to-work procedures. Continue Reading
Guidance and sample engagement letters for CPAs regarding the Paycheck Protection Program loan program Continue Reading
CAMICO’s cyber claims continue to show a high frequency of hacker attacks on CPA firm email systems, and many ransomware attacks are launched just before a tax return deadline. Here is a checklist of tips to help safeguard your firm … Continue Reading
Late-filing penalties for estate tax returns are often used as grounds for professional liability claims against CPAs, in large part because of their cost: Given the steeply progressive tax rates for estate tax and rapidly accruing penalties, they often exceed $300,000. Here are some tips for avoiding penalties… Continue Reading
'What should our policy limit be' is not an easy question to answer, which may explain why it is asked so often. Continue Reading
Under the new “Hosting Services” ethics interpretation in the AICPA’s Code of Professional Conduct, CPA independence is impaired by taking responsibility for hosting a client’s data or records. Here are some safeguards to help keep the CPA firm’s independence from being impaired Continue Reading
Clients sometimes ask their CPA to assist them with human resources-related matters, such as assisting with the recruitment of a new CFO, or with “redesigning their accounting department.” Here’s how to avoid some of the pitfalls in such scenarios. Continue Reading
With experts predicting that the next recession will begin in 2020 or 2021, CPA firms would be wise to prepare for an economic downturn. A key risk management technique is to provide good client service and communications that help clients better understand and reduce their exposures to fraud. Continue Reading