Loss Prevention Tips for Tax Season

CAMICO has been developing solutions for CPA professional liability problems for more than 31 years, and tax season has always been a major part of that activity. The use of engagement letters for non-audit work, including tax engagements, was pioneered by CAMICO as an effective way to help document the CPA’s understanding with the client.

How CAMICO’s Claims Experience Works for You

The CAMICO Claims philosophy goes back to the company's founding principles: help CPAs proactively address the costly risk management problems they face, and encourage policyholders to report problems early, before they become big problems.

The conventional insurance company approach is to discourage policyholders from reporting problems by providing premium credits for "claims-free status," thereby encouraging policyholders to handle potential claims on their own – a dangerous practice with potentially disastrous financial and reputational consequences for a CPA firm.

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Latest Articles

  • 06 May

    Six Risk Management Mistakes CPA Firms Make

    Managing CPA liability risk exposures is a complex process, and it's easy to underestimate the potential for risk along the way. The following six mistakes can be avoided by being aware and taking the right steps.

    1. Not discussing questions about the insurance application... read more

  • 23 Apr

    Top 5 Ways a CPA Can Invite a Malpractice Lawsuit

    After more than 31 years of malpractice claims experience, CAMICO has developed a wealth of information about what causes disputes between CPAs and their clients, what leads to litigation, and how to avoid or minimize the damages from such conflicts. There are basic risk management steps t... read more

  • 15 Mar

    Tax Tip – Documenting Advice and Decisions

    All significant client meetings should be documented with a written description of the subjects discussed at the meeting. This will help ensure that both you and the client are proceeding with the same expectations and assumptions.

      ... read more