by Rickard Jorgensen, FCII, ARM, ACIArb. From a purely risk management perspective, bringing your insurer into the claims process is extremely prudent and can save you a lot of money. The following outlines reasons why you should contact your malpractice insurer or insurance agent: Reporting a potential claim enables your malpractice insurer to work on […]
The first accountants’ professional liability insurance policy was written in the late 1930s following the decision in Ultramares Corporation v. Touche, 174 N.E. 441 (1932). Coverage was basic – limiting the risks insured to claims made by clients arising from negligence acts. In fact, the doctrine of negligence arose from the Scottish law case of […]
There has been a spate of firm consolidations in the past few years and the pace is unlikely to slow down. Retirements, business expansion, consolidation of practice areas or acquisition of a new specialty drive the reasons to merge firms together. Due diligence is essential in the evaluation of the firm. Identifying issues before a […]
A Florida CPA was sentenced in federal court in Boston for multiple counts of tax fraud and obstructing the Internal Revenue Code. Greg Takesian, 54, of Miami, Fla., was sentenced last Thursday by U.S. District Court Judge William G. Young to two years in prison and one year of supervised release, and was ordered to […]
What are you really covered for and why a comprehensive definition of professional services is necessary for total firm protection?
by Rickard Jorgensen, FCII, ACIArb., ARM A recent podcast in Accounting Today highlighted the fact that CPA firms aren’t just merging with other CPA firms any more – they are looking to acquire practices in Human Resource, Information Technology, Cyber Security, Web Services, Marketing, Asset Management and financial planning. The interesting presentation by Transition Advisors’ […]
How comprehensive is your coverage? Why a limitation in your professional liability policy for negligence only is a very bad idea.
by Rickard Jorgensen, FCII, ACIArb., ARM Recently one of our competitors relaunched and rebranded its accountants’ professional liability program. The new program was promoted as broader coverage and an enhancement upon the previously terminated program. There were various “bells and whistles” added to the program but one important feature was conspicuously overlooked and omitted from […]