War Story 113

#113: Difficult Client; Tax Planning and Return Preparation Services — A client with high turnover and disorganization in its accounting and financial staff is not only frustrating, but also a liability exposure if documentation is not thorough.

The following War Story is based partly on CAMICO claims files and partly on risk exposures facing CPAs from the Tax Cuts and Jobs Act (the “Tax Act”) passed into law in December 2017. All names have been changed.

General Data Protection Regulation

General Data Protection Regulation ("GDPR") is a European mandate that went into effect on May 25, 2018. The regulation is designed to establish uniform data privacy law across the European Union, and applies to any EU established business, including U.S. companies and firms with offices in the EU.

It is critical to recognize that GDPR does have implications to U.S. CPA firms, even if the firm does not have an EU office. Reference the following scenarios:
  • The firm offers services to clients ("natural persons" or "individuals") in the EU.


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