Top 11 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 11 of the questions and trends that our specialists hear about most frequently from you, our policyholders.

Top Loss Prevention Trends

Q: More and more of our clients are requesting some form of comfort and/or verification type letters from our firm. Are we putting the firm at risk by complying with such requests?

Avoiding estate tax return claims

Late-filing penalties for estate tax returns are often used as grounds for professional liability claims against CPAs, in large part because of their cost: Given the steeply progressive tax rates for estate tax and rapidly accruing penalties, they often exceed $300,000. Here are some tips for avoiding penalties….

There are several factors that may cause a preparer to miss the deadline, the most common of which is the irregular filing due date for estate tax returns—it comes nine months after the decedent’s date of death, rather than, for example, April 15 or October 15.

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