In an article published on Oct. 2, 2017 by Accounting Today, Larry Campagna provides his insight on why liability insurance is important in tax transactions. In a litigious society, even the most trusted advisors in the public realm face a chance of being sued by their clients.
“Simple errors can lead to heavy claims,” explains Campagna. “In my largest case, the plaintiff sued a Big Four firm for $120 million claiming that the firm had incorrectly prepared its Form 990. We went through a three-week trial and were successful – the plaintiff got nothing. But it’s not a fun experience for an accountant in the docks. Having insurance and having the insurance company providing experienced counsel to handle matters is very comforting at a time when allegations are being made, whether they are true or false.”
You may read the full article here.