When accountants provide multiple services for a married couple, they need to keep in mind the rights and obligations of each client individually, as well as the couple as an entity, according to Ralph Picardi, a former CPA and an attorney who specializes in advising and representing CPAs on liability issues.
Picardi posits an example: “You have a long-standing client relationship with Jane, a successful business owner. She owns several businesses, all of them profitable, and over the years you have worked closely with her to provide multiple services to those businesses, including tax compliance, attest, and a broad range of consulting services. She is one of your best clients, and the revenues from her accounts factor heavily into your annual allocation of firm profits. Oh, and you also prepare a joint 1040 annually for Jane and … what’s his name again?”
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