Informed consent letters can be used to better manage risk in areas such as Sub-S or C Corporation selections or conversions, estate tax planning, and aggressive or gray tax strategies. Documentation should be factual, professional, and without personal comments that may be inappropriate and damaging to the integrity of the documentation. Remember that the documentation may eventually be presented to the “ladies and gentlemen of the jury”—a standard that can be used to determine the adequacy or appropriateness of your documentation.
For more information about CPA firm insurance issues, call CAMICO at 1.800.652.1772 or visit www.camico.com.
Interested in Complimentary Tax Tips and Sample Engagement Letters?
The tax-related articles and sample engagement letters in this CAMICO Resource Pack are designed to help you gain a better understanding of tax engagement risks. Download today! http://cpa.camico.com/2016-CAMICO-Resources/2016-Tax-Resources