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Conservation Easements – the next wave of malpractice claims against accountants and tax preparers?

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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 […]

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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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Cyber risks of working from home (in light of COVID-19) and how to mitigate them

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By Rickard Jorgensen, FCII, ARM, ACIArb. Many firms permit staff to work from home or at least work while on the road.  but the number of remote users may increase in the wake of the current coronavirus (COVID-19) outbreak. Consequently, it’s crucial not to allow the precautions designed to protect the physical health of your […]

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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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Section 7216 – requesting client permissions

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By Rickard Jorgensen, FCII, ARM, ACIArb We would recently approached by a  policyholder about affirmative consent requirements imposed by IRS regulations under Internal Revenue Code section 7216. Under the code, a tax return preparer is subject to criminal penalties under section 7216 if the preparer “knowingly or recklessly” discloses or uses tax return information. A […]

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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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The Statute of Limitations in Professional Malpractice

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Both Accountants and Wealth Advisers are “professionals” for the purpose of the various statutes of limitations. This means that firms’ decisions concerning document retention and the purchase of an extended reporting period can be heavily influence by a firm’s State of domicile (or the States where a firm practices).  The longest statute of limitation is […]

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Engagement Letter Defense Rejected

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This month, guest blogger Seth L. Laver of Goldberg Segalla writes about a recent legal development concerning the use of engagement letters in the defense of accountants’ malpractice claims. ——————————————————————————————————————— We often write about the importance of engagement letters, in fact we have an entire sub-category devoted to engagement letter defenses. That’s because the engagement […]

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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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