Be Among the 25 Respondents to Receive a $10 e-Gift Card
CAMICO War Story: Tax return preparation and non-filing of FBAR form. January 2015 – Tip of the Month
“War Stories,” drawn from CAMICO claims files, illustrate some of the dangers and pitfalls in the accounting profession. All names have been changed.
When James Clay, CPA, put together his clients’ tax organizers and questionnaires, he included the question regarding whether the client had “a financial interest in, or signature or other authority over, any financial accounts (including bank, securities, or other financial accounts) in a foreign country, exceeding $10,000 in the preceding calendar year.”
Now is a good time to screen tax clients for potential problems. There is still time before tax season for a client to replace you in the event you decide to disengage. Client screening is excellent risk management as well as practice management.