Accountants Archives - Page 4 of 4 - Professional Liability Matters

March 19, 2013 Accountants

Who Really Owns a CPA’s Working Papers?

Accountants are well aware that clients, former clients, and others periodically request (or sometimes demand) copies of the accountant’s work-papers. The question invariably is: who owns those materials? Moreover, what is the accountant obligated to turn over and what categories of materials may be withheld? An accountant, and those that represent them, must be aware of the critical legal and regulatory issues facing the accounting profession when handling such a request.

“As many Certified Public Accountants and Public Accountants have come to know in their …

February 15, 2013 Accountants / Risk Management

An Unsavory Brew: Yuengling Sued for $6.6 Million in Back Taxes

With tax season upon us, tax professionals may cringe at another example of the potential for malpractice arising from questionable tax advice. However, America’s Oldest Brewery is in the midst of a very public dispute with the City of Brotherly Love regarding allegedly unpaid taxes. The City of Philadelphia recently sued Yuengling in an attempt to recover $6.6 million in back taxes, interest, and penalties allegedly owed to the City. Although Yuengling is located outside of Philadelphia, the City contends that the brewery failed …

February 5, 2013 Accountants / Risk Management

Why Avoiding the ‘Fiscal Cliff’ May Have Caused Increased Risks to CPAs

We avoided the fiscal cliff. That is old news and, for most Americans, it is also good news. But, the developing fallout and the impact of Congresses’ eleventh-hour solution has particular implications on accountants gearing up for tax season. On January 2, 2013 Congress enacted the American Taxpayer Relief Act of 2012; a fiscal cliff tax package whopper which effectively changed the rule-book. At a time of year when accountants across the country are typically saying “so long” to their families to prepare …