Our philosophy is based on providing our client's with "more than a policy". We strive to provide information and resources that are essential to your business. For more information visit our Resources Page. And, sign up for our Email Newsletter so that you do not miss timely updates on Webinars and other educational programs.
A CPA's failure to advise a client on the ramifications involving a 2010 ROTH conversion could lead to a professional liability claim asserting negligence on part of the CPA.
Effective 3/10/10, CMR 17 establishes a standard set of regulations on how businesses protect and store Massachusetts residents personal information.
New regulations under IRC 7216 limits tax return preparers use and disclosure of information obtained during the return preparation process.
You may have clients that request you include them as an additional named insured on your professional liability policy. They believe that being included as a named insured or additional insured, provides them further protection should a claim arise. This may be true for some forms of insurance, but it can be exactly the opposite for professional liability polices.
The Federal Trade Commission (FTC) "Red Flags" Rule requires many businesses (see AICPA request for CPA exemption) to implement a written Identity Theft Prevention Program. The intent is to protect consumers by identifying red flags in advance and taking steps to prevent escalation to fraud. The Red Flags Rule is currently slated to go into effect June 1, 2010.
NAPLIA recognizes that you may be concerned with recent economic events impacting the insurance and financial world. American International Group (AIG), the world’s largest insurer, recently received an $85 billion federal loan in order to remain operating. Whether or not you have a policy with AIG, we understand that you want to know how this may impact the industry as a whole and you personally.
"We are looking at implementing procedures to protect sensitive client information that is transmitted via the internet. For instance when emails are sent that contain client information in the body of the email, or as an attachment (Word, Excel, PDF), how do we protect the client's privacy? What methods are others using?"
As part of our 2007 Webcast Series, NAPLIA presented a Webcast on Fraud & the Accounting Industry. Visit our Fraud Page to view highlights, internal & external checklist, and other risk management information.
George Rockas, Managing Partner of Wilson, Elser, Moskowitz, Edelman & Dicker LLP, takes time to identify the most frequent causes of malpractice claims and some practical advise on how to avoid them.
A Negative Engagement letter is one that includes wording that indicates even if the client does not sign the letter, certain action taken by the client (submission of tax returns) will be deemed as acceptance of the engagement letter terms.
Proactively taking steps to reduce the potential for unpaid fees is your best defense to avoiding potential suit for fees. There are three basic billing practices which, when implemented regularly and effectively, can dramatically reduce the number of collection problems your office will face.
Advertising and marketing are terms that are not commonly utilized in the legal industry. Those firms that do advertise typically specialize in niche practices, such as personal injury or family law. And, “marketing plans” would generally be considered more the necessity of product-based industries.
It is common practice for Registered Representatives to maintain professional liability insurance through their Broker/Dealer. However, as many advisors evolve their practice to RIA's their Broker/Dealer coverage may no longer continue to be sufficient.
The top ten best practices that home inspectors can use to prevent being the target of a lawsuit and to put them in the best possible position to defend themselves if a lawsuit is filed.
Common insurance terms and definitions
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