Impact #103 - Tax Engagement Letters Updated for 2014/15 Tax Season

Our tax engagement letters are updated for the 2014/2015 tax year and are available in the Engagement Letters Resource Center on the CAMICO Members-Only Site. Some letters have both “standard” and “expanded” versions. The expanded versions are generally intended for more complicated engagements, but please use your professional judgment as to which version is suitable for each client.

Impact #103 - Risk Factors and Warning Signs of Fraud

During the past 28 years that CAMICO Claims and Loss Prevention specialists have helped CPAs with fraud exposures and damages, many lessons have been learned. For instance, CAMICO claims experience consistently shows that fraud and defalcation are major contributors to significant professional liability claims for CPAs, as illustrated by the following chart on “What Causes the Big Claims.”

Impact #103 - Enhanced Platform for CAMICO Members-Only Site

CAMICO policyholders now have a members-only website that is responsive to the latest browser technology, including mobile and desktop devices.

The new site offers an enhanced and more efficient experience for users with the newest browsers, and few functional changes. The user experience should be seamless and remain as secure as always. The website will also further enhance the ease of doing business with CAMICO, including our e-business functions.

Impact #103 - Consequences of Not Filing the Required Tangible Property Regulation 3115s by Tax Year 2014

What are the issues or consequences to the taxpayer and the tax return preparer if a taxpayer does not comply with the new tangible property regulations (TPRs), i.e., file the required 3115(s)?

Alert - Final Tangible Property Regulations Require Filing Application for Change in Accounting Method for 2014 Tax Year

Since the time this Alert was written, the AICPA has announced that the IRS and Treasury are considering the AICPA’s recommendations to provide relief from the reporting requirements related to the repair regulations. The AICPA stated that it is “hopeful” that the IRS and Treasury “will release some form of relief for small businesses in the next couple of weeks."

Impact #103 - SSARS No. 21 Webcasts

As you may know, SSARS No. 21 is effective for engagements on financial statements for periods ending on or after December 15, 2015, but early implementation is permitted. CAMICO offers its policyholders SSARS No. 21-compliant engagement letters that are available on the Members-Only Site under the Engagement Letter Resource Center. In addition, CAMICO has made available a short 23-minute, information-only webcast (no CPE) providing an overview of some of the changes brought about by SSARS No.

IMPACT 102: Revised AICPA Code Issued

The revised AICPA Code of Professional Conduct (AICPA Code) will be effective December 15, 2014 (early implementation permitted). The new conceptual frameworks and related interpretations will be effective December 15, 2015.

The primary goal of the Ethics Codification Project was to restructure the AICPA Code so that members and other users of the AICPA Code can apply the rules and reach correct conclusions more easily and intuitively. The revised Code was adopted by Professional Ethics Executive Committee (PEEC) on January 28, 2014.

IMPACT 102: ‘I can’t sue for fees?!’ — Q&A on Lawsuits for Fees

CAMICO has been advising CPAs on fee issues for 28 years, and claims experience over that time has shown that suing clients for fees almost always prompts a cross complaint for malpractice. This in effect escalates a simple fee dispute to a professional liability lawsuit.

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