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#113: Difficult Client; Tax Planning and Return Preparation Services — A client with high turnover and disorganization in its accounting and financial staff is not only frustrating, but also a liability exposure if documentation is not thorough. The following War Story is based partly on CAMICO claims files and partly on risk exposures facing CPAs … Read more

General Data Protection Regulation (“GDPR”) is a European mandate that went into effect on May 25, 2018. The regulation is designed to establish uniform data privacy law across the European Union, and applies to any EU established business, including U.S. companies and firms with offices in the EU. It is critical to recognize that GDPR … Read more

The Wayfair Decision — Additional Sales Tax Collection and Reporting for Out-of-State Sales May Be Required The Supreme Court’s decision in South Dakota v. Wayfair, Inc. (“Wayfair”) gives rise to a new era and enhanced complexities with respect to sales tax compliance. In this June 2018 landmark case, the Supreme Court ruled that states can … Read more

by Arthur V. Pearson, J.D., L.L.M. It goes without saying that the Tax Cuts and Jobs Act (“TCJA”), which passed into law on December 22, 2017 (Pub. L. 115–97), was a sea change in the Internal Revenue Code. It benefitted many taxpayers, disadvantaged many others, and handed tax professionals a steep learning curve to become … Read more

Failing to document important information is a common mistake that often leads to claims. If it is not in writing, it may be presumed later in court that it didn’t happen. Juries and the public generally consider CPAs to be experts in documentation, and falling short of that expectation when faced with a liability lawsuit … Read more