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By Ron Klein, J.D. CAMICO’s 33+ years of CPA claims experience provides a wealth of information and lessons learned about the dangers facing CPAs. The following “classic” claims scenario has recurred many times over the years, yet CPAs often can’t believe that it is happening to them. The services rendered were “low level” enough (e.g., … Read more

CAMICO’s cyber-related claims experience reveals that hacker attacks on CPA firm email systems were the most frequent cause of cyber-losses for firms. These cyber-attacks accounted for almost two-thirds of cyber-related claims. Many claims are also related to tax return preparation. A trend appears to involve waiting until just before a tax return deadline (e.g., late … Read more

Timothy J. Summers was elected to the CAMICO Board of Directors at the company’s annual meeting last June. Summers will serve a three-year term, from 2019 through 2022. He is the president of Aegis Specialty Insurance Services, a subsidiary of Aegis General Insurance Agency, focused on California residential property insurance products. He is a licensed … Read more

War Story #116: Business Management/Accounting Services, Wire Transfer Fraud Tim Wahl, CPA, served an investment entity client for several years. Wahl assisted the entity’s manager, Rob Green, with the preparation of the entity’s tax returns, accounting for its investments, issuance of K1s, and coordinating Green’s requests for funds from investors when investments were offered. Once … Read more

By Emily Franchi #MeToo, Ban the Box, and the Second Chance Act are just a few of the movements and laws that have changed legislation and required employers to update policies and practices. As federal, state and local governments pass new employment laws and update existing laws each year, firms must comply by reviewing employee … Read more

On September 18, 2019, California Governor Gavin Newsom signed into law Assembly Bill 5 (“AB 5”), which establishes a three-pronged test that a business must satisfy to maintain that a worker is an independent contractor for employment purposes in the state. This bill becomes effective January 1, 2020Dynamex Operations West, Inc. v. Superior Court of … Read more