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Loss Prevention Trend: The Information Security Plan (“ISP” or “WISP”)

Q: My firm has a Written Information Security Plan (“WISP”), but it hasn’t been updated since early 2023. How often should we be reviewing/updating our WISP? And have there been any significant changes to the regulatory guidance related to physical, technical, and/or administrative safeguards a CPA firm is required to have in place to protect … Read more

Top 10 Loss Prevention and Claims Trends

CAMICO’s Loss Prevention and Claims departments work with CPA policyholder firms every day on difficult risk management issues. The following Q&A covers 10 questions and trends that our specialists hear about most frequently from our policyholders. Top Loss Prevention Trends Q: What are some of the risks and general guidelines for our firm if we … Read more

Risk Management Aspects of the IRS’s Second ERC Voluntary Disclosure Program and the ERC Withdrawal Option

On August 15, 2024, the IRS announced a second Employee Retention Credit Voluntary Disclosure Program (“ERC-VDP”) for the benefit of businesses and tax-exempt organizations that erroneously claimed the Employee Retention Credit (“ERC”) for 2021 and have received a credit or refund prior to August 15, 2024. The initial Voluntary Disclosure Program (“VDP”) for the 2020 … Read more

CTA-BOI Reporting … The Saga Continues

The new beneficial ownership reporting requirements under the Corporate Transparency Act (“CTA”) took effect on January 1, 2024, and months later, the small business community remains woefully unprepared for compliance with this complex reporting regime. CAMICO continues to receive numerous inquiries from policyholders regarding implications of assisting clients with the new beneficial ownership information reporting … Read more