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24 Feb

31 Reasons CPAs are Sued

CPAs who are sued are often in the wrong place at the wrong time with the wrong decision. These situations that landed CPAs in court are real—drawn from CAMICO's claims files.

1) Trusting a client too much

A long-time client asked her CPA to perform an audit for a new insurance company she's invested in. The CPA uncovered unverifiable assets but never verified them.
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10 Feb

War Story: FBAR reporting; tax return preparation

For more than a decade, Sidney Swenson, CPA, prepared tax returns for one of his more successful clients, Matt Morrow, a star salesman in the construction supplies industry. Morrow had taken a job five years earlier in sales for Acme Building Products and Supplies, headquartered in the British Virgin Islands (BVI). Morrow was a U.S. citizen and maintained his residence in the U.S. but lived part time in BVI.

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20 Jan

Five Tips for Protecting Yourself During Tax Season

Wally Bitman, CPA, a sole practitioner, was behind on completing a client's tax return. It wasn't totally his fault—a glitch in his tax preparation software meant fixing many other clients' returns as the April deadline approached. One of Bitman's wealthier clients was always late with his information. This year, he'd definitely need to file an extension.

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Latest Articles

  • 18 Jun

    AICPA Benevolent Fund

    As a CPA, you are a member of a growing, vibrant professional community that has afforded you great opportunities. As you plan your future, you may be considering ways in which you can help safeguard your community during times of struggle.

    ... read more

  • 18 Jun

    CAMICO War Stories #111-A and #111-B

    #111-A: Tax Return Preparation, Hacker Attack — When a hacker penetrated the CPA firm’s computer network, the firm’s cyber coverage responded with an investigation and comprehensive services.

    #111-B: Business Management Services, Email Fraud — The client... read more

  • 18 Jun

    Understanding First-Party and Third-Party Cyber Exposures

    With cyber-security threats coming from all directions, it’s important for CPA firms and their staff to be aware of how the risk exposures impact the firm as well as the client. Just as important is understanding how, when there’s a claim, cyber insurance coverages work with the firm a... read more