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CPA liability exposures during tax season are always a concern. However, liability exposures during this tax season are further exacerbated by the magnitude of recent tax law changes contained in the One Big Beautiful Bill Act signed into law on July 4, 2025. As a reminder, here are some actions that practitioners can take to … Read more
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
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
CPA liability exposures during tax season are always a concern. However, liability exposures during this tax season are even more exacerbated given the added complexities with increased economic and tax-specific relief measures. As a reminder, here are some actions that practitioners can take to successfully manage risk exposures. Defensive documentation is essential to successfully manage … Read more
Topic: Voluntary PaymentsServices: Tax Return Prep, Submission Claim 1: Peter Thompson of A6 Accounting Services received a letter from the state of Michigan advising him that an audit had been performed on his client’s 2021 tax return, and that penalties of $2,888 and interest of $11,679 were assessed. Thompson’s client owns a boat rental company … Read more