No one likes to be sued, but if you prepare taxes you’re more likely to be sued than in any other area of accounting practice.
“Measured by the amount of dollar losses, tax claims against accountants represent about one-third of damages paid out. However, when measured by frequency, this jumps to two-thirds of all claims against accountants,” said Rickard Jorgensen, president of Jorgensen & Co., an insurance broker and managing general underwriter of accountants professional liability insurance.
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