Tax Risk Management Archives

CAMICO Tip: Tax Engagements – Managing Client Expectations

February 19, 2025February 19, 2025 by Amber

Are you taking the right steps to manage (and document) client expectations? Effective communication is a key factor in any CPA-client relationship, and when you work to stay in control of managing client expectations, you help to safeguard your firm. To that end, good documentation is critical to successfully managing client expectations. Jurors (members of … Read more

Engagement Letter Do’s and Don’ts

January 13, 2025December 13, 2024 by ssAdmin

Signed engagement letters help CPA firms improve communication with clients and protect the firm from litigation as “the first line of defense.” Use the following tips to help you write more effective engagement letters. Engagement letters should…• State the purpose of the engagement.• Define the scope and limits of the engagement.• Specify known negative conditions … Read more

Tax Season Documentation Tips

February 26, 2024February 23, 2024 by ssAdmin

CPAs are considered to be experts in documentation by jurors (who are members of the public). Falling short of that expectation when faced with a liability lawsuit may be viewed by the public as negligent and below the standard of care for the services rendered. The following are some documentation tips to follow for tax … Read more

Risk Management Aspects of the Employee Retention Credit Withdrawal Process and Voluntary Disclosure Program

February 22, 2024February 20, 2024 by Amber

By Duncan B. Will, CPA/ABV/CFF, CFE and Anthony J. Cooper, J.D., MBT In late December 2023, the IRS announced a Voluntary Disclosure Program for taxpayers who claimed and received the Employee Retention Credit (“ERC”) but are ineligible. … Read more

January Tip of the Month – Helpful Documentation during Tax Season

January 25, 2024 by Amber

CAMICO has been developing risk management solutions for CPAs for more than 37 years, and we recognize and understand the challenges facing CPA firms navigating each tax season’s nuances. Below are helpful documentation tips to get you through tax season: Engagement letters. While engagement letters won’t immunize you from lawsuits, they can be your first line … Read more

Risk Management Tips for the Tax Practitioner

July 17, 2023July 10, 2023 by Amber

CAMICO has been developing risk management solutions for CPAs for more than 37 years, and we recognize and understand the challenges facing CPA firms navigating each tax season’s nuances. For example, the pandemic years’ economic and tax relief programs had complex, wide-ranging impacts on CPAs, tax practitioners, and their clients. Although most agree that the … Read more

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