Could this happen to you?

  • After the audit, the client was assessed over $700,000 in additional taxes. Insured had prepared clients returns for over seven years. Client alleged that insured had failed to properly advise about deductibility of interest expenses and withholding sums in purchasing real estate.
  • Insured prepared clients tax returns for two consecutive years. Four years later, during an audit, the client discovered that portions of income were misclassified. The client had overpaid federal & state taxes in excess of $150,000. Due to the statute of limitations, the client was unable to present a claim to the IRS.
  • Client consulted insured about handling of stock given to client as part of retirement benefits. Client failed to rollover stocks into an IRA or comparable retirement fund and was charged a penalty for premature distribution. Client alleges that insured failed to advise of possible penalties. Client has filed suit for over $100,000. Insurance company covered all defense costs.
  • Insured prepared a financial statement which was given to a prospective buyer. Buyer consulted our insured about financial statements and insured explained some adjustments, following up with copies of adjusted statements. After purchasing business, buyer alleged financial statement overstated the businesses true income.

Could this happen to you?

  • After the audit, the client was assessed over $700,000 in additional taxes. Insured had prepared clients returns for over seven years. Client alleged that insured had failed to properly advise about deductibility of interest expenses and withholding sums in purchasing real estate.
  • Insured prepared clients tax returns for two consecutive years. Four years later, during an audit, the client discovered that portions of income were misclassified. The client had overpaid federal & state taxes in excess of $150,000. Due to the statute of limitations, the client was unable to present a claim to the IRS.
  • Client consulted insured about handling of stock given to client as part of retirement benefits. Client failed to rollover stocks into an IRA or comparable retirement fund and was charged a penalty for premature distribution. Client alleges that insured failed to advise of possible penalties. Client has filed suit for over $100,000. Insurance company covered all defense costs.
  • Insured prepared a financial statement which was given to a prospective buyer. Buyer consulted our insured about financial statements and insured explained some adjustments, following up with copies of adjusted statements. After purchasing business, buyer alleged financial statement overstated the businesses true income.