Click Pandemic-related challenges likely to impact your firm in the immediate future
By Rickard Jorgensen, FCII, ARM, ACIArb. Staff and firms have been eager to get back to work but the reality is that the workplace has changed for ever. It is likely that this “new normal” will continue until there is a widely available and effective vaccine. This leaves firms in a state of limbo. The […]
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jorgcpa - Posted in Back to work, COVID, Pandemic, risk management
Jul, 12, 2020
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Conservation Easements – the next wave of malpractice claims against accountants and tax preparers?
By Ralph Picardi, Esq. and Rickard Jorgensen, FCII, ARM, ACIArb. Because of a recent uptick in enforcement actions by the Internal Revenue Service, accountants’ professional liability insurers are beginning to pay attention to the potential of claims arising from the sale of these alternative investment products. They are a type of tax shelter which is […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, Claims, claims notification, conservation easements, Fraud, IRS audits, risk management, Uncategorized
- Jul, 12, 2020
- No Comments.
Some Broad Guidance for CPAs on the Post-COVID-19 Reopening of Your Office
By Rickard Jorgensen, FCII, ARM, ACIArb CPA Firms have a number of questions when planning the office reopening process. The most significant challenge is staff safety, as well as clients and other visitors. Liability if someone is contaminated, especially staff, is uncertain and Government guidance often. It is wise to continually monitor guidelines from the […]
- Posted by jorgcpa
- Posted in Accountants' risk management, Back to work, Coronavirus, COVID, lawsuit, Management liability, reopening your office, risk management, Uncategorized
- Jun, 09, 2020
- No Comments.
Back to Work: Assistance for Employers
Our friends over at the law firm of Kaufman Dolowich & Voluck ["KDV"] have created a variety of useful documents to help make the transition back to business as smooth as possible . Government authorities around the United States have strongly suggested that employers implement a Safety Plan outlining the steps being taken by businesses to prevent the spread of COVID-19. To […]
- Posted by jorgcpa
- Posted in Accountants' risk management, Back to work, being sued, Coronavirus, COVID, KVD, Limit of liability, reopening your office, risk management
- Jun, 09, 2020
- 1 Comment.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act – Good Faith Certification
By Rickard Jorgensen, FCII, ARM, ACIArb The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently signed into law contains an important provision known as the Paycheck Protection Program (PPP) designed to provide relief to small businesses affected by the coronavirus pandemic. The PPP directs $349 billion towards job retention and business operating expenses designed […]
- Posted by jorgcpa
- Posted in Accountants' risk management, Comprenhensive coverage, COVID, engagement letters, engagement letters, indemnification clause, policy coverage, policy wording, professional liability claims, Professional Services, Ralph G. Picardi, risk management, SBA loans, Statutes of Limitation, Uncategorized, Utmost good faith
- Apr, 03, 2020
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Does failure to notify your insurer of a subpoena void your professional liability insurance coverage?
By Rickard Jorgensen, FCII, ARM, ACIArb We have frequently been contacted by members of the CPAGold™ program for assistance to respond to a subpoena, either for documents or for testimony. In fact, the CPAGold™ policy provides a specific coverage extension a follows: 1.2.2 Subpoena Expenses We will pay on your behalf Defense Expenses approved by […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, Claims, claims notification, denial of coverage, risk management, subpoenas, Uncategorized
- Mar, 06, 2020
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Example Disengagement letters
In a recent posting on the CPAFMA website there was a request for a specific template for client disengagement letter. You may recall we blogged about the topic of client disengagement in 2018 (Go here). The following are two suggested templates for disengagement letters: a relative simple version aimed at individual clients from the AICPA […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, Disengagement, Disengagement letter, letter template, risk management, Uncategorized
- Jan, 13, 2020
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Security Policy for CPA firms – a template
We have received several enquiries from members of the CPAGold™ program for help with a suggested wording for a Cyber Security Policy as required by the IRS rules. As you will be aware, there is a lot of information available about this topic. One of the best white papers is Small Business Information Security: The […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Cyber Liability, Cyber resources, Cyber risk management, data breach, Data protection, email risk management, IRS cyber rules, Phishing scams, Privacy, risk management, security, Security policy, social engineering, social media, Uncategorized
- Jan, 13, 2020
- No Comments.
Outsourcing – malpractice risk management perils concerning subcontractor’s indemnification provisions.
by Rickard Jorgensen, FCII, ARM, ACIArb. We have received several inquiries from CPAGold™ members about QBE’s coverage position when it comes to the use of sub-contractors for the provision of professional services to clients. The CPAGold™ policy is comprehensive and contains a broad definition of who is covered via DEFINITIONS 8,28 wherein its states: 8.28 […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, Client relations, indemnification agreements, indemnification clause, insurance, lawsuit, policy coverage, policy wording, professional liability claims, risk management, subcontractors, Tax Services, Uncategorized
- Dec, 15, 2019
- No Comments.
Minimizing the risk of malpractice claims from lateral hires
By Rickard Jorgensen, FCII, ARM, ACIArb Many accounting firms have aggressive plans to build their practices and expand the range of services available to clients. Growth strategy is often comprises of several elements: Organic growth is the simplest and arises from marketing, business and employee development and cross selling services to clients. Mergers and acquisition […]
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