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Accountants Professional Liability Insurance

COVID-19 and management liability: how can D&O coverage help in this pandemic

by Rickard Jorgensen, FCII, ARM, ACIArb. There has been a lot of news about the desire to obtain coverage for COViD-19 claims under a business interruption policy.  The legal fights with insurers and proposed laws to retroactively secure coverage for various business are reported every week (see a recent article about a law proposed in…
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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…
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10 “Get Out of Court Free” Cards

Ten ways to keep your firm from getting sued for professional malpractice.

Want to keep your firm out of court, and keep your professional malpractice insurance premiums low? These 10 tips from Rickard Jorgensen, president and chief underwriting officer of Jorgensen & Co., can help.

Segregation of risk in an accounting firm

Insurers have broadened the scope of professional liability insurance available to CPAs to include is Personal Financial Planning [“PFP”] services.

Traditionally, this practice involves broad based investment planning and asset monitoring services for a fee, but recent developments on micro and macro levels have begun to undermine the once-perceived, simple and benign nature of the work.

IRS Circular 230

Circular 230 is a publication of certain U.S. Treasury regulations which include the rules governing practice before the U.S. Internal Revenue Service (IRS). These rules require attorneys, those qualified to practice as Certified Public Accountants, Enrolled Agents, and other persons who prepare tax returns and provide tax advice to do certain things. The rules in Circular 230 also prohibit certain conduct. Penalties…
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Affirmative Conduct Engagement Letters

It is an axiom of good accounting business practice that an engagement letter should be obtained before commencing an assignment. Engagement letters are fundamental in the defense of a malpractice lawsuit However, in this world of profitability constraints and increasing workload it is tough to track and enforce engagement letters, especially for small fee assignments…
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