This is a notice for site visitors.
This is a notice for site visitors
Q: With most tax returns being e-filed, has CAMICO noticed any trends in e-filings not going through? If so, what advice do you have for policyholders to prevent or address these situations? A: CAMICO has observed a rise in issues with e-filed tax returns, including processing failures and fraudulent filings. To address these challenges, firms … Read more
Signed engagement letters help CPA firms improve communication with clients and protect the firm from litigation as “the first line of defense.” Use the following tips to help you write more effective engagement letters. Engagement letters should…• State the purpose of the engagement.• Define the scope and limits of the engagement.• Specify known negative conditions … Read more
Are you taking the right steps to manage (and document) client expectations? Effective communication is a key factor in any CPA-client relationship, and when you work to stay in control of managing client expectations, you help to safeguard your firm. To that end, good documentation is critical to successfully managing client expectations. Jurors (members of … Read more
Topic: Employee Discrimination / Termination In September 2021, Lindsay Johnson began working as an accountant for Brown Jones & Williams CPA firm. A year later, when her mom was diagnosed with cancer, she informed the company’s Human Resources (HR) director of the diagnosis and said that she would need to take a leave of absence … Read more
Topic: Preparing Out-of-State Tax Returns In 2012, Jones & Anderson, CPAs, based in Montana, began working for a high-value client preparing their annual tax returns. Firm partner James Anderson managed this service until his retirement in 2020, after which partner Tom Jones took over work for the client. The client did business in a few … Read more
The recently enacted One Big Beautiful Bill Act (“OBBB Act”) ushers in some of the most significant tax law changes since the Tax Cuts and Jobs Act. While many provisions are designed to simplify or stimulate economic activity, they also create traps for the unwary. CPAs need to remain alert to compliance challenges, client misperceptions, … Read more