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With the increasing complexities in tax law and regulations facing CPAs today, it is even more difficult to stay current on risk management and loss prevention practices. IMPACT presents the following overview of key liability areas, pitfalls and tips as a guide for tax practitioners heading into busy season. Client Assessment/Evaluation If the firm needs … Read more

Special attention should be paid to a new consent form now accompanying document requests from the Office of the Chief Accountant (OCA) under the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA). Recent OCA document requests now include a request for the CPA to consent to the release of the CPA’s audit workpapers … Read more

Tax issues involving estate tax planning are frequently prone to disputes and claims. This is due in part to the long period of time that generally falls between the time when estate planning decisions are made, and the time when the results of the decisions are known. Memories of the CPA’s advice and the client’s … Read more

In some engagements CPAs should not only document the advice given, but also obtain the client’s written consent to the decisions made. This can be done with an “informed consent” letter that provides advice and obtains the client’s understanding and consent. Informed consent letters clarify that the CPA advises and informs, and the client decides. … Read more

The following alert has been modified as a result of some of the due dates being extended by the IRS and the U.S. Treasury on December 29, 2015, as follows: According to the Journal of Accountancy (Jan. 4, 2016), because the IRS is extending the due dates for these information returns, the normal provisions for … Read more

Wealthy shipping magnate John Urich had established a trust to care for his disabled wife in the event of his death. Urich’s CPA, Greg Roberts, provided tax and investment advisory services to Urich, while the trust department of Commercial Fiduciary Bank provided trustee services. At one point Roberts received an email message from Urich requesting … Read more