Mitigating Risk During Succession

With change comes the potential for professional liability risk, and CPA firm succession is no different. While the claims databases of professional liability insurance carriers are not teeming with these types of claims, there will be an increase in claims as a result of the succession issues — as well as the explosion of merger […]

Mitigating CPA Malpractice

By: John F. Raspante, CPA Professional liability claims faced by CPAs will never be eradicated, but they can be reduced if solid risk management and constant adherence to professional standards are followed. Follow these techniques to help lessen exposure in the increasingly litigious environment in which CPAs practice. Client Screening, Selection and Retention Client screening, […]

How to Use Your Insurance as a Marketing Tool

Gaining new clients, and maintaining your current clients, is obviously a priority in growing your practice. As an Investment Advisor this involves several challenges including compliance issues and the overall stigma created by high publicity Ponzi schemes. But, are you be overlooking a valuable asset in marketing and retaining clients? Your insurance. Your clients and […]

Understanding the Hammer Clause

And, its Impact on your Professional Liability Policy The Hammer Clause (aka cooperation clause or consent to settle clause) is a provision found in most professional liability insurance policies. A typical Hammer Clause contains two elements: 1. It requires the Insurer to obtain the consent of the Insured prior to settling a claim. 2. In […]

Investment Advisor ERISA Bonds: an Overview

What is an ERISA Bond ? An ERISA Bond is an amended Fidelity bond that meets the requirements of ERISA law. Unlike a Fidelity Bond, which pays losses to the insured, an ERISA Bond pays losses directly to the client whose assets are managed. It has no deductible, calculates limits on plan assets up to […]

Affordable Care Act Confirmation Letter

The Affordable Care Act (ACA) was signed into law in 2010. One provision of the Act required that in 2014 all Americans must have qualified health insurance or face a “Shared Responsibility Payment.” Additionally, the Act allowed insurance providers and large employers a one-year delay in reporting the coverage in 2014 to both the IRS […]

When Terminating a Client is Prudent Business Practice

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Information Security & Cyber Liability: Essential Steps to Protecting your Practice

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Responding to Subpoenas and Summonses: An Accountants Guide for Understanding & Response

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Revisions to Circular 230 – Should I drop my disclaimer?

The impact of revisions to Circular 230 Should I drop my disclaimer? In June 2014 the IRS issued final regulations that make significant changes to Circular 230. The final regulations recognize that the Covered Opinion Rules are no longer necessary, and have been replaced with new standards for issuing written tax advice. As a result, […]