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#112: Service Guarantee; Tax Penalty — Late reporting of a potential claim and a service guarantee caused a firm to miss out on insurance coverage, a deductible reduction, and valuable services. Click here to begin the quiz

Who is asking you to indemnify them? Most often you will be asked by your client to indemnify them. Sometimes a third party may ask. Why are you being asked to indemnify? Determining the answer may provide information in order to suggest an alternative that is acceptable to all parties. What exposure is the subject … Read more

Indemnification and hold harmless clauses dictate the degree of liability of each party and the extent that each party takes on or shifts risk. Certain courts have found that hold harmless is not distinct and is the same as indemnification, while others have found the duty to hold harmless is broader than indemnification, as it … Read more

Before taking any steps to help a client that may have suffered a fraud or misappropriation of assets, ask yourself the following questions: Do I possess the requisite professional competence? Do I have the necessary experience/qualifications? Will my assistance impair my independence and preclude me serving my client’s attest needs? Am I conflicted out? If … Read more

As a CPA, you are a member of a growing, vibrant professional community that has afforded you great opportunities. As you plan your future, you may be considering ways in which you can help safeguard your community during times of struggle. Members of the American Institute of Certified Public Accountants (AICPA) established the AICPA Benevolent … Read more