Tax Season Documentation Tips

CPAs are considered to be experts in documentation by jurors (who are members of the public). Falling short of that expectation when faced with a liability lawsuit may be viewed by the public as negligent and below the standard of care for the services rendered. The following are some documentation tips to follow for tax … Read more

Risk Management Aspects of the Employee Retention Credit Withdrawal Process and Voluntary Disclosure Program

                                     By Duncan B. Will, CPA/ABV/CFF, CFE and Anthony J. Cooper, J.D., MBT In late December 2023, the IRS announced a Voluntary Disclosure Program for taxpayers who claimed and received the Employee Retention Credit (“ERC”) but are ineligible. … Read more

January Tip of the Month – Helpful Documentation during Tax Season

CAMICO has been developing risk management solutions for CPAs for more than 37 years, and we recognize and understand the challenges facing CPA firms navigating each tax season’s nuances.  Below are helpful documentation tips to get you through tax season: Engagement letters. While engagement letters won’t immunize you from lawsuits, they can be your first line … Read more

Risk Management Tips for the Tax Practitioner

Binders and a keyboard on a desk

CAMICO has been developing risk management solutions for CPAs for more than 37 years, and we recognize and understand the challenges facing CPA firms navigating each tax season’s nuances. For example, the pandemic years’ economic and tax relief programs had complex, wide-ranging impacts on CPAs, tax practitioners, and their clients. Although most agree that the … Read more

CAMICO Policyholder Alert: IRS Disaster Relief Postponement

Would Filing an Extension Be Beneficial? March 31, 2023 CAMICO has received numerous inquiries from policyholders regarding the merits of filing an extension as an added protection for both tax professionals and their respective clients in light of the current IRS tax relief guidance for victims of severe winter storms. Although some may not perceive … Read more

Key Steps for Tax Risk Management

A Sticky note with the words "Tax Time" on it

CPA liability exposures during tax season are always a concern. However, liability exposures during this tax season are even more exacerbated given the added complexities with increased economic and tax-specific relief measures. As a reminder, here are some actions that practitioners can take to successfully manage risk exposures. Defensive documentation is essential to successfully manage … Read more