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.

Accounting firm Eisner LLP has formed a Tax Recovery Assistance Task Force to help investors who have suffered losses as a result of Bernard Madoff's fraudulent investment scheme.

Accounting firm Rives & Associates has merged in Allen & Woodall, another firm in North Carolina.

Once again it’s the time of year for me to make resolutions that I probably won’t keep for five minutes.

The Internal Revenue Service should reexamine the "tolerance levels" it uses to request missing tax forms and schedules from taxpayers, the Treasury Department's inspector general recommended in a new report.

The Internal Revenue Service and the Treasury Department said they would consider a complicated tax maneuver involving controlled foreign corporations a "transaction of interest," but stopped short of identifying it as a "tax avoidance transaction."

An analysis of charitable foundations set up by professional basketball players found that many of them spend only a fraction of their money on charitable activities.