Even when covered by insurance, claims can have a significant impact on your practice in terms of time, money, professional reputation, and peace of mind. By knowing the warning signs of a claim, and calling your risk advisor early on, you can help minimize the impact of lost billable hours, revenue and sleep. What are the red flags? Here are five general warning signs that trouble may be brewing.
CPAs often run into situations where they have been preparing tax returns for a married couple for several years, and the couple decides to get a divorce. Divorcing spouses who ask their CPA to provide advice and services to both spouses often present a potential conflict of interest. Friendly divorcing couples don’t always stay friendly, and who do they blame when things don’t work out the way they had hoped? The CPA.
CAMICO issued an updated Alert to our policyholders in response to the IRS February 13, 2015 release of Rev. Proc. 2015-20 offering tangible property regulations (TPR) relief to small businesses and rental real estate owners. Rev. Proc. 2015-20 provides a simplified procedure for small businesses to comply with the final tangible property regulations, although with some trade-offs.
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
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.
The IRS issued a warning this month in response to a scam that began with data stolen from tax professionals’ computers. The IRS also recommends steps that practitioners should consider to secure their data. Also included are CAMICO risk management tips.
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CAMICO, the nation’s largest CPA-directed program of insurance and risk management for the accounting profession, has appointed Michael Ryder as Vice President ... read more
