A recent claims study conducted by Camico Mutual Insurance Co. indicated that more than half of all claims reported by Camico-insured CPAs come from tax engagements.
The study, conducted in October, included the claims experience of all of the insurer's nearly 7,000 policyholder firms in 44 states, focusing on the major causes and types of claims incurred by CPAs nationally. Tax was identified by the Camico survey as the most frequent type of claim, generating the largest total of claims dollars incurred, for two reasons -- the complex and continually evolving tax codes, and issues regarding the engagement between CPAs and their clients.
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