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Some Broad Guidance for CPAs on the Post-COVID-19 Reopening of Your Office

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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 […]

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Back to Work: Assistance for Employers

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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 […]

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act – Good Faith Certification

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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 […]

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Does failure to notify your insurer of a subpoena void your professional liability insurance coverage?

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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 […]

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Example Disengagement letters

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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 […]

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Security Policy for CPA firms – a template

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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 […]

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Outsourcing – malpractice risk management perils concerning subcontractor’s indemnification provisions.

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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 […]

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Minimizing the risk of malpractice claims from lateral hires

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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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Professional Liability for CPAs – Understanding your coverage – Part III – the coverage grant

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By Rickard Jorgensen, FCII, ARM, ACIArb Each insurer’s policy is arranged differently, and the items listed above can be located in different places and with different headings in each policy. However, by reading the explanations below, you should be able to locate them no matter where they are found within a policy. 1.  Coverage Agreements […]

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Equifax breach settlement

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by Rickard Jorgensen, FCII, ARM, ACIArb. You may recall that in September 2017 we reported on the data breach suffered by the national credit reporting agency.  Go here for the article. According to Reuters — Credit reporting company Equifax Inc. will pay up to $700 million to settle U.S. federal and state probes into a […]

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