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.
Our first COVID-19 related claim against a CPA Client
by Rickard Jorgensen, FCII, ARM, ACIArb. We have been scanning the metaphorical horizon to see how the pandemic is impacting CPAs and generally, although many firms have seen a depression or shift in fees to later in the year, there have been very fee actual professional liability claims against CPAs. However, there is always an […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, being sued, Claims, Coronavirus, COVID, engagement letters, lawsuit, PPP loans, SBA loans
- May, 01, 2020
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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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Section 7216 – requesting client permissions
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 […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, Client permission, Data protection, engagement letters, IRS cyber rules, Uncategorized
- Mar, 06, 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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What You Don’t Know About The Coronavirus
Since the new coronavirus began it’s spread from Wuhan, China, to other countries public health officials have struggled to keep up with the potential threat that it poses to millions of people around the world. The first case in the US was reported this week. This virus, called the “novel coronavirus,” or COVID-19, is a […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, Coronavirus, insurance, Management liability, professional liability claims
- Feb, 28, 2020
- No Comments.
The Statute of Limitations in Professional Malpractice
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 […]
- Posted by jorgcpa
- Posted in Accountants' professional liability insurance, Accountants' risk management, claims notification, Extended Reporting Periods, lawsuit, Limit of liability, prior acts coverage, Statutes of Limitation, Uncategorized
- Feb, 05, 2020
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