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What are the issues or consequences to the taxpayer and the tax return preparer if a taxpayer does not comply with the new tangible property regulations (TPRs), i.e., file the required 3115(s)? It puts the client at risk for significant adverse consequences, such as: Permanent differences in deduction for repair and maintenance costs that were … Read more
“War Stories,” drawn from CAMICO claims files, illustrate some of the dangers and pitfalls in the accounting profession. All names have been changed. Situation When James Clay, CPA, put together his clients’ tax organizers and questionnaires, he included the question regarding whether the client had “a financial interest in, or signature or other authority over, … Read more
Client screening is excellent risk management as well as practice management. It’s the first step in an effective loss prevention program, and it can be used to identify less desirable clients that may be keeping your firm from developing the clients you want. Re-evaluate your relationships with clients on a regular basis—at least annually. The … Read more
The Loss Prevention Specialists at CAMICO consult with policyholders on a variety of topics, providing practice and risk management advice. In his video, Duncan B. Will, Loss Prevention Manager, shares an example of how CAMICO helps CPAs via our Advice Hotlines. One of the topics he mentions is fee collections – CAMICO frequently receives calls … Read more
Social media has contributed to the blurring of boundaries between work lives and personal lives, partly because social media sites are open to both personal and work-related content, which can be posted from home computers as well as work computers. Social media policies have been developed by employers to clarify acceptable and unacceptable communications and … Read more
Tax season is over, but your firm’s exposure to liability risk is not. CAMICO often hears of CPAs who choose not to purchase Professional Liability Insurance because they think it is unnecessary. Here are 4 reasons why CPAs don’t think they need malpractice Insurance, and how this approach can be risky. “I only do tax … Read more
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CAMICO Services, Inc. dba CAMICO Insurance Services, CA License #0C09618. CAMICO Mutual Insurance Company, (Rated A- (Excellent) by AM Best) San Mateo, CA, domiciled in California is licensed in all states and the District of Columbia, NAIC #36340. Copyright © 2024 CAMICO. All rights reserved. Website design by StyleSite.