CPA Archives

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

October 8, 2024October 8, 2024 by Amber

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

October 17, 2024October 8, 2024 by Amber

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

Responding to Pressure to Provide CPA-to-Lender Comfort Letters

September 4, 2024 by ssAdmin

A woman sitting at a desk reading documents

By Suzanne M. Holl, CPA Complying with requests from banks and other lenders for assurances regarding clients’ … Read more

Five Common Missteps in Managing CPA Liability Risk

August 21, 2024August 21, 2024 by ssAdmin

Managing CPA liability risk exposures is a complex process, and it’s easy to underestimate the potential for risk along the way. The following five missteps can be avoided by being aware and taking the right actions. 1. Not discussing questions about the insurance application with your underwriter or agent. Whether it’s for a new or … Read more

Why It’s Important to Maintain Prior Acts Coverage

July 29, 2024July 25, 2024 by ssAdmin

Do Not Lose Coverage for Your Prior Acts! Most Accountants Professional Liability insurance policies are “claims made and reported” policies. Two important features of claims made and reported policies include: The insurance applies only to claims that are first made and reported to the insurance company during the policy period. The insurance provides coverage for … Read more

How to Respond to Subpoenas

June 21, 2024June 19, 2024 by ssAdmin

A woman looking through a CPA Insurance folder

CPA firms are often uncertain about whether or how to respond to a subpoena, as they also need to comply with a number of rules and regulations that are intended to protect client confidentiality. The following Q&A focuses on understanding the nature of subpoenas and how CPA firms can minimize their professional liability exposures when … Read more

Sign up to receive our monthly newsletter