Many clients look to CPAs as the natural choice for the role of "trustee" to manage the assets and carry out their clients’ wishes. For CPAs good at managing and minimizing the unique risk attributes of a trustee role, trustee work can be satisfying and rewarding. On the other hand, if CPAs underestimate trusteeship risk, what may appear to be a safe and simple role can become a Pandora’s box of sibling rivalries, aging parental battles, competing interests, disruptive lawsuits, and financial losses.
Client screening is an important practice management tool and is the first step in an effective loss prevention program. It can also be used to identify less desirable clients that may be keeping your firm from developing the type of clients you want.
CAMICO claims experience shows that cybercriminals tend to step up their attacks in late March and early April as tax professionals work to wrap up their clients' tax returns.
Tax professionals are urged to be extra vigilant for email scams, even as tax work intensifies.