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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
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
Client screening is excellent risk management as well as practice management. It’s the first step in an effective loss prevention program, and it can be used to identify less desirable clients that may be keeping your firm from developing the clients you want. Re-evaluate your relationships with clients on a regular basis—at least annually. The … Read more
The Loss Prevention Specialists at CAMICO consult with policyholders on a variety of topics, providing practice and risk management advice. In his video, Duncan B. Will, Loss Prevention Manager, shares an example of how CAMICO helps CPAs via our Advice Hotlines. One of the topics he mentions is fee collections – CAMICO frequently receives calls … Read more
Social media has contributed to the blurring of boundaries between work lives and personal lives, partly because social media sites are open to both personal and work-related content, which can be posted from home computers as well as work computers. Social media policies have been developed by employers to clarify acceptable and unacceptable communications and … Read more
Tax season is over, but your firm’s exposure to liability risk is not. CAMICO often hears of CPAs who choose not to purchase Professional Liability Insurance because they think it is unnecessary. Here are 4 reasons why CPAs don’t think they need malpractice Insurance, and how this approach can be risky. “I only do tax … Read more