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12 Dec

Documentation, Engagement Letters Key to Tax Risk Management

CPA liability exposures during tax season are always a concern, regardless of economic or professional conditions. CAMICO’s claims experience shows that many high-exposure tax claims have certain characteristics in common, primarily as follows:

  • The services for which the client had engaged the CPA were unclear.
  • The CPA had not clarified his or her role or the client’s expectations, usually because an understanding between the CPA and the client had not been reached or adequately documented.
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07 Dec

Business Liability-Property and Workers’ Compensation

CPAs face many risk exposures that stem from a variety of business areas and may cause major coverage gaps. Two such areas, sometimes overlooked, are business liability/property and workers’ compensation. Consider the following scenarios and solutions:

Business Liability


Problem – Your firm hosts a reception where alcohol is served, and a tipsy client trips and breaks his wrist. He sues your firm for medical expenses, loss of income, pain and suffering.

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Latest Articles

  • 08 Jan

    Avoiding estate tax return claims

    Late-filing penalties for estate tax returns are often used as grounds for professional liability claims against CPAs, in large part because of their cost: Given the steeply progressive tax rates for estate tax and rapidly accruing penalties, they often exceed $300,000. Here are some tips ... read more

  • 20 Dec

    Ransomware Still a Problem – Pre-Tax Season Cyber Tips

    CAMICO's reported cyber-related claims show hacker attacks on CPA firm email systems were the most frequent cause of losses for firms for the 14-month period from July 2018 through August 2019. These claims accounted for almost two-thirds of cyber-related claims.

    ... read more

  • 05 Dec

    Six Tips for Safe Holiday Celebrations

    Employer-hosted events to celebrate the holidays and thank employees for jobs well done often come with liability and other risks when the events include alcohol.

    "Impaired judgment and lowered inhibitions as a result of alcohol consumption give rise to a variety of dangers,... read more