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By Suzanne M. Holl, CPA Clients will sometimes ask their CPA to assist them with human resources-related matters. A common scenario involves the CPA assisting in the recruitment of a new CFO, or assisting the client to “redesign an accounting department.” The debate over how much assistance a CPA should provide a client in this … Read more
Even when covered by insurance, claims can have a significant impact on your practice in terms of time, money, professional reputation, and peace of mind. By knowing the warning signs of a claim, and calling your risk advisor early on, you can help minimize the impact of lost billable hours, revenue and sleep. What are … Read more
CPAs often run into situations where they have been preparing tax returns for a married couple for several years, and the couple decides to get a divorce. Divorcing spouses who ask their CPA to provide advice and services to both spouses often present a potential conflict of interest. Friendly divorcing couples don’t always stay friendly, … Read more
CAMICO issued an updated Alert to our policyholders in response to the IRS February 13, 2015 release of Rev. Proc. 2015-20 offering tangible property regulations (TPR) relief to small businesses and rental real estate owners. Rev. Proc. 2015-20 provides a simplified procedure for small businesses to comply with the final tangible property regulations, although with … Read more
The CPA firm of Granger, Edwards, McDonald, & Solo (GEMS) had audited Benjamin County Sanitation Agency (BCSA) for 10 years when GEMS purchased local practitioner Charles “Skip” Towne’s solo practice. Skip was assigned BCSA because it was of no interest to the other partners for two reasons: BCSA was perceived as a “no growth” client, … Read more
During the past 28 years that CAMICO Claims and Loss Prevention specialists have helped CPAs with fraud exposures and damages, many lessons have been learned. For instance, CAMICO claims experience consistently shows that fraud and defalcation are major contributors to significant professional liability claims for CPAs, as illustrated by the following chart on “What Causes … Read more