What to do if my client gets divorced

Divorce can be a highly charged situation for CPAs, especially when one accountant represents both parties in a divorce. CAMICO has more than 30 years’ experience handling such situations. These are some of our best practices for CPAs with divorcing clients.

Representing both sides in a divorce is a potential conflict of interest

Prevent Improperly Documented Client Extensions

If you need information at the last minute to complete a return, have the client send the data via e-mail or fax. The e-mail or fax becomes part of your records and support. Document, document, document!

Another effective way to prevent the problem of improperly documented client extensions is a written confirmation of the amounts used to calculate the extension payment. The confirmation is sent to the client with the extension form and gives the client an opportunity to review the information and to change any information that appears incorrect, prior to April 18, 2017.

31 Reasons CPAs are Sued

CPAs who are sued are often in the wrong place at the wrong time with the wrong decision. These situations that landed CPAs in court are real—drawn from CAMICO's claims files.

1) Trusting a client too much

A long-time client asked her CPA to perform an audit for a new insurance company she's invested in. The CPA uncovered unverifiable assets but never verified them.

Pages

Latest Articles

  • 14 Aug

    Cyber Claims Trends That Accountants Should Know

    Cyber claims trends have increased over the past year. CAMICO Mutual Insurance provides critical cyber coverage to accountants for cyber risks through an arrangement with NAS Insurance and explains the update on current cyber claims trends below.


    read more

  • 09 Aug

    Protect Your Clients and Your Firm from Hackers

    With cyber-attacks and data breach incidents growing in frequency, it is critical to ensure that your firm has taken all reasonable measures to protect your clients and the firm from hackers.

    Consider the following questions. If your answer to any of them is "no," your ... read more

  • 05 Jul

    Engagement Letter Do’s and Don’ts

    Engagement letters help improve communication with clients, document engagements, and protect you from litigation. By clearly defining an engagement’s scope and services, you can better avoid misunderstandings.

    What you should do: