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How to Avoid Professional Liability Claims Against CPA Firms

Gain a better understanding of how to avoid lawsuits surrounding professional liability.This material will provide you background and best practices for avoiding professional liability related to the preparation of tax returns. The topics include a summary of situations that create potential malpractice liability, discussion of different standards applicable to CPAs preparing tax returns, and exposure to penalties and potential liabilities other than malpractice.
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of Professional Liability Claims
Professional Standards
  • Circular 230
  • AICPA Standards
IRS Penalties
  • Monetary Penalties
    • Section 6694
    • Section 6695
    • Section 6700
    • Section 6701
    • Section 6713
  • Criminal Penalties
    • Section 7206
    • Section 7207
    • Section 7216
  • Injunctions
    • Section 7407
    • Section 7408
Best Practices
  • Documenting Information Received From Client/Reliance on Others
  • Documenting Tax Research
  • Documenting Tax Return Positions
  • Internal Review Procedures
  • Correcting Mistakes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jennifer Benda

Jennifer Benda

Fox Rothschild LLP

  • Partner at Fox Rothschild LLP located in their Denver office
  • Former certified public accountant who focuses her practice on tax controversy, tax compliance and tax planning for clients with difficult and sophisticated tax issues
  • Extensive experience handling cases involving IRS focused compliance regimes including for clients who invested in listed transactions, conservation easements, captive insurance arrangements, and marijuana businesses
  • Experience as a CPA makes her uniquely qualified to address the many issues that arise in tax controversies, which are often a blend of accounting and legal considerations
  • Counsels accountants faced with professional liability issues
Nick Richards, Esq.

Nick Richards, Esq.

Dill Dill Carr Stonbraker & Hutchings PC

  • Partner at Dill Dill Carr Stonbraker & Hutchings PC and he sits on several company boards
  • Served as an IRS trial and advisory attorney for ten years and now represents companies and individuals throughout the U.S. with tax audits, trials and collection issues
  • Adjunct professor of law at the University of Denver
  • Extensive career in IRS Chief Counsel at the national and field levels, unique understanding and ability to help clients with federal and state tax issues
  • Practices law in Colorado and California, where he has been able to help cannabis companies understand and survive their unique tax issues since legalization began
  • Graduated from UCSB and Lewis & Clark Law School
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405337
Published 2019
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