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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
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
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
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
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
Would Filing an Extension Be Beneficial? March 31, 2023 CAMICO has received numerous inquiries from policyholders regarding the merits of filing an extension as an added protection for both tax professionals and their respective clients in light of the current IRS tax relief guidance for victims of severe winter storms. Although some may not perceive … Read more
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