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Following professional standards alone may not be enough to avoid a claim. Jury or claims standards are created by juries (members of the public) when assessing situations with the benefit of hindsight. Jurors rarely care as much about CPA professional standards as they do about CPAs “getting it right,” which often means protecting the public … Read more

A proactive attitude that treats disengaging as a practice management tool means, in part, putting into place a system that allows you to re-evaluate your client base on a regular basis, be it annually or semi-annually. Incorporating such a plan into your business practice enables you to monitor your client base and note any changes … Read more

2015 (January) John Capp, CPA, was preparing an estate tax return for one of his clients, Michael Kelly. Kelly had recently inherited the estate of his father, and a large part of the estate was a majority partnership in a successful high-tech venture. However, the values of the partnership interests were being disputed by newer … Read more

1. Income tax issues can become technical to the point where most of the burden for decision-making falls on the CPA. There is often a limit to how much the CPA can ask the client to decide in technical tax issues. “It’s much like a patient seeing a doctor about a serious, complex medical condition,” … Read more

CAMICO offers several hours of free CPE to its policyholders each year through webcasts. We provide education on risk management specifically for CPA firms, brought to you by our experts, many of whom are CPAs themselves. You won’t find this level of expertise and depth of risk management content anywhere else. We don’t have a … Read more

Your longtime client, Tom Thornburg, worked non-stop for more than four decades to build a successful chain of health food stores worth about $75 million. You have been providing tax, accounting and consulting services to Tom for the past 25 years and during that time you and Tom have developed a strong friendship and deep … Read more