Tax season is busy, so preparing for it now will reduce the stress experienced January through April. This preparation will help reduce exposure to professional liability risk. Pre-tax season training of personnel and proactive review of administrative procedures will improve efficiency through April 15th and beyond.

Additional Resources
  • Risk Alert: IRS Scrutiny of Abusive Micro-Captive Insurance Companies Can Increase a CPA Firm’s Professional Liability Risk
  • Risk Alert: IRS Scrutiny of Conservation Easements Increases a CPA Firm’s Professional Liability Risk
  • Round Two – Paycheck Protection Program Loan Application Assistance and Forgiveness Application Assistance Services
  • Addressing Risks Related to the TCJA and Wayfair, Journal of Accountancy, February 2019
  • Mitigating Risk Related to Tax Reform, Journal of Accountancy, September 2018
  • Documentation is Your Ally in Tax and Other Services, Journal of Accountancy, July 2015
    October 2021
    By Accountants Professional Liability Risk Control, CNA, 151 North Franklin Street, 17th Floor, Chicago, IL 60606.
    This information is produced and presented by CNA, which is solely responsible for its content.
    The purpose of this article is to provide information, rather than advice or opinion. It is accurate to the best of the authors’ knowledge as of the date of the article. Accordingly, this article should not be viewed as a substitute for the guidance and recommendations of a retained professional and is not intended to constitute a binding contract. In addition, CNA does not endorse any coverages, systems, processes or protocols addressed herein unless they are produced or created by CNA. CNA recommends consultation with competent legal counsel and/or other professional advisors before applying this material in any particular factual situations.
    Any references to non-CNA Web sites are provided solely for convenience, and CNA disclaims any responsibility with respect to such Web sites.
    To the extent this article contains any examples, please note that they are for illustrative purposes only and any similarity to actual individuals, entities, places or situations is unintentional and purely coincidental. In addition, any examples are not intended to establish any standards of care, to serve as legal advice appropriate for any particular factual situations, or to provide an acknowledgement that any given factual situation is covered under any CNA insurance policy. The material presented is not intended to constitute a binding contract.
    This resource serves as a reference for CPA firms seeking to evaluate risk exposures associated with the busy tax season. The content is not intended to represent a comprehensive listing of all actions needed to address the subject matter, but rather is a means of initiating internal discussion and self-examination. Your CPA firm and risks may be different from those addressed herein, and you may wish to modify the activities and questions noted herein to suit your individual practice and client needs. These statements do not constitute a risk management directive from CNA.
    Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All CNA products and services may not be available in all states and may be subject to change without notice.
    Continental Casualty Company, one of the CNA insurance companies, is the underwriter of the AICPA Professional Liability Insurance Program.
    “CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" trademark in connection with insurance underwriting and claims activities.
    Copyright © 2021 CNA. All rights reserved.