This course explores issues related to allegations of malpractice committed by tax professionals and reviews risk management techniques. Inherent in the services of a tax professional is the risk that a client may assert practitioner malpractice. Clients may also accuse an adviser of being unethical or incompetent. Explore why clients make such claims and learn techniques and procedures to minimize the risk. Review practical client communication skills and tools to protect yourself from malpractice exposure.
Learning Objectives
• Identify topics related to allegations of malpractice committed by tax professionals
• Determine how to recognize high-risk engagements
• Recognize relevant ethical considerations
• Identify tools for insulating yourself from malpractice exposure
• Determine appropriate loss prevention procedures
• Determine effective communication with clients regarding objectives and expectations
Major Topics
• Technical definitions of tax malpractice
• Risk management techniques: quality control procedures and maintaining professional competence
• Aggressive tax strategies
• "War stories" dealing with tax-related claims against CPAs
• Insurance carrier experiences
• Substantive tax areas: tax-deferred exchanges, built-in gains, alternative minimum tax and overlooked tax elections
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