Economic Downturns Exacerbate Liability Claims

Economic conditions have historically had a significant impact on CPA professional liability claims. In general, more claims and larger claims are filed during a downturn. The recession of 2008–09 was no exception. Public expectations and standards for the CPA profession (as opposed to CPA professional standards, or the profession's standards for itself) again became a focal point, and clients asserted their expectation that CPAs should advise and warn clients of all risks and opportunities.

Industry News: It’s a tough year for year-end tax planning

It’s a tough year for year-end tax planning

Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate.
By Dave Strausfeld, J.D. November 16, 2020 Performing year-end tax planning this year is going to be “very, very difficult,” Bob Keebler, CPA/PFS, said in a Nov. 10 webcast sponsored by the AICPA’s Personal Financial Planning Section.

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