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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
In responding to a recent uptick in trustee-related claims, CAMICO has identified common scenarios that pose significant liability exposure if not managed properly. Continue Reading
Tempting as it may be for CPAs to comply with such requests, providing the requested assurances could put CPAs and their licenses at significant risk. Continue Reading