Financial statement services, especially those involving audits, third-party creditors, and fraud, produce the largest claims in terms of total dollar amounts incurred (severity), according to a new report from insurer Camico. Tax claims are the most frequent, but audit claims are typically the most severe. When review and compilation claims are added to the mix, it becomes evident that financial statement services have had the largest magnitude in claims dollars.Tax issues involving income tax, estate tax, and entity selection (Sub-C or S) are frequently prone to claims. Tax engagements represent 56 percent of all CAMICO claims when measured by frequency. More is at camico.com.
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Bassim Michael has created Practice Gauge, a cloud-based analytics platform for his fellow accountants to use with their dentistry and veterinary clients.
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Private sector employers cut 33,000 jobs in June, the first decline in over two years, while annual pay grew 4.4% year-over-year, payroll giant ADP reported.
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The Internal Revenue Service's Electronic Tax Administration Advisory Committee delivered its annual recommendations.
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Tariffs and the impact of government debt on the economy remain major concerns, according to a Grant Thornton survey.
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North Carolina Gov. Josh Stein signed into law a bill that adds an additional pathway to CPA licensure, effective Jan. 1, 2026.
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