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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

  • 12 Dec

    Tax Tip – Documenting Advice and Decisions

    Failing to document important information is a common mistake that often leads to claims. If it is not in writing, it may be presumed later in court that it didn’t happen. Juries and the public generally consider CPAs to be experts in documentation, and falling short of that expectation ... read more

  • 11 Dec

    War Story 113

    #113: Difficult Client; Tax Planning and Return Preparation Services — A client with high turnover and disorganization in its accounting and financial staff is not only frustrating, but also a liability exposure if documentation is not thorough.
    read more

  • 11 Dec

    General Data Protection Regulation

    General Data Protection Regulation ("GDPR") is a European mandate that went into effect on May 25, 2018. The regulation is designed to establish uniform data privacy law across the European Union, and applies to any EU established business, including U.S. companies and firms with offices i... read more