Tax Engagement Letters Updated for 2017

All tax letters on the CAMICO Members-Only Site are current for the 2016 tax filing year. The following CAMICO sample engagement letters have been updated for the deadline changes for FBARs (Report of Foreign Bank and Financial Accounts) due in 2017 for calendar year 2016: Individual Income Tax Preparation — Expanded Corporate Income Tax Preparation … Read more

Recent Email Scams Target Tax Preparers

The Internal Revenue Service recently warned tax return preparers about two new phishing schemes: One is an email sent to tax preparers asking them to update their e-Services information. The IRS will not send email asking preparers to click on a link to update accounts. The links provided in the email are part of a … Read more

War Story No. 108

Subject: FBAR reporting; admitting liability/assuming damages without prior consent Services: Tax Return Preparation Battle #1: FBAR reporting 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 … Read more

Five Typical Scenarios Reviewed by CAMICO’s Tax Advice Hotline

CAMICO’s Loss Prevention Hotlines help policyholders with a wide variety of risk management topics, including accounting and auditing issues, client screening, disengagement, fraud, internal control, ethics, conflicts of interest, and many others. Our Tax Advice Hotline helps policyholders gain a better understanding of the federal tax issues and potential problems associated with high-risk estate, gift, … Read more