Although most accountants prepare taxes, that’s not the only reason that professional liability claims against accountants are most frequent in the tax area.
Year after year, audit claims are the most severe among E&O (errors and omissions) claims, but tax claims are the most likely to be brought, according to insurance experts. Among other reasons, it can be attributed to so many changes in the tax law, especially since 2008, observed Randy R. Werner, a loss prevention executive at Camico.
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