Tax Tip – Documenting Advice and Decisions

Failing to document important information is a common mistake that often leads to claims. If it is not in writing, it may be presumed later in court that it didn’t happen. Juries and the public generally consider CPAs to be experts in documentation, and falling short of that expectation when faced with a liability lawsuit may be viewed as negligent and below the standard of care.

General Data Protection Regulation

General Data Protection Regulation ("GDPR") is a European mandate that went into effect on May 25, 2018. The regulation is designed to establish uniform data privacy law across the European Union, and applies to any EU established business, including U.S. companies and firms with offices in the EU.

It is critical to recognize that GDPR does have implications to U.S. CPA firms, even if the firm does not have an EU office. Reference the following scenarios:
  • The firm offers services to clients ("natural persons" or "individuals") in the EU.

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Latest Articles

  • 12 Dec

    Tax Tip – Documenting Advice and Decisions

    Failing to document important information is a common mistake that often leads to claims. If it is not in writing, it may be presumed later in court that it didn’t happen. Juries and the public generally consider CPAs to be experts in documentation, and falling short of that expectation ... read more

  • 11 Dec

    War Story 113

    #113: Difficult Client; Tax Planning and Return Preparation Services — A client with high turnover and disorganization in its accounting and financial staff is not only frustrating, but also a liability exposure if documentation is not thorough.
    read more

  • 11 Dec

    General Data Protection Regulation

    General Data Protection Regulation ("GDPR") is a European mandate that went into effect on May 25, 2018. The regulation is designed to establish uniform data privacy law across the European Union, and applies to any EU established business, including U.S. companies and firms with offices i... read more