IMPACT’s fourth interactive War Story covers a case involving a large embezzlement, how it happened, and how the CPA firm could have avoided it.
Now is a good time to screen tax clients for potential problems. There is still time before tax season for a client to replace you in the event you decide to disengage. Client screening is excellent risk management as well as practice management.
The Loss Prevention Specialists at CAMICO consult with policyholders on a variety of topics, providing practice and risk management advice. In his video, Duncan B. Will, Loss Prevention Manager, shares an example of how CAMICO helps CPAs via our Advice Hotlines. One of the topics he mentions is fee collections – CAMICO frequently receives calls from CPAs seeking advice on this problematic area. Here are some practical tips on dealing with some of the issues.
Social media has contributed to the blurring of boundaries between work lives and personal lives, partly because social media sites are open to both personal and work-related content, which can be posted from home computers as well as work computers.
Tax season is over, but your firm’s exposure to liability risk is not.
CAMICO often hears of CPAs who choose not to purchase Professional Liability Insurance because they think it is unnecessary. Here are 4 reasons why CPAs don’t think they need malpractice Insurance, and how this approach can be risky.
As a CPA, you need ‘Errors and Omissions’ insurance to cover damages from an error committed by your firm in providing professional services; and to protect the assets of your firm and partners from the financial consequences of a claim.
Data breaches and identity theft have led to an increase in fraudulent tax filings, and tens of thousands of honest taxpayers have been subjected to delays in their legitimate refund claims, according to the Internal Revenue Service.