Firm & Practice Management

Indemnification: Understanding Your Risks
 

Indemnification: Understanding Your Risks

Posted: April 12, 2019
CPA firms are experiencing an uptick in clients trying to embed indemnification and/or hold-harmless clauses in various agreements with the firms. Many of the clauses are inappropriate for CPA services or are overly broad, even to the point of shifting all liability to the CPA firms. Here are some considerations to weigh before agreeing to any such clauses.​

Top 5 Client Record Retention Questions
 

Top 5 Client Record Retention Questions

Posted: April 12, 2019
Retention of client records has long been a hot topic for NJCPA members and an area of confusion for all CPAs. Here are answers to the five most frequently asked questions.

Should a CPA Agree to Be a Partnership Representative?
 

Should a CPA Agree to Be a Partnership Representative?

Posted: April 9, 2019
Changes to the partnership audit rules, enacted through the Bipartisan Budget Act of 2015, took effect this busy season. Even with fair warnings regarding the importance of these changes, many partnership clients have found themselves, and their tax preparer, scrambling to comply with the new rules.

Responding to Pressure to Provide CPA-to-Lender ‘Comfort’ Letters
 

Responding to Pressure to Provide CPA-to-Lender ‘Comfort’ Letters

Posted: April 9, 2019
CPAs can come under fire from banks and other lenders pressuring them to provide assurances regarding their clients’ financial strength. Tempting as it may be to comply with such requests, providing the requested assurances could put CPAs and their licenses at significant risk.


Three Ways to Keep Up with Standards
 

Three Ways to Keep Up with Standards

Posted: January 18, 2019
The accounting profession is controlled by standards, and regardless of our viewpoints, adhering to these standards is integral to any practice management plan. To keep up, firms can conduct inhouse seminars throughout the year and encourage staff to join NJCPA interest groups or other professional groups that offer CPE programs.

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