The Accountant/Attorney Liability Reporter: November 2016

Inside this issue:

Punitive Damages Claims Against an Accounting Professional May Be Allowed to Proceed Based on Gross Negligence

By Kristen R. Ragosta, Esq.

California Ruling Indicates MFAA Fee Arbitrations Now Subject to One-Year Statute of Limitations Defense

By Charleen M. Thunberg, Esq.

In Tax Scheme Case, Fraud Claim Against Attorney Allowed to Proceed

By Daniel Lagosh, Jr., Esq.

New York Dismisses Breach of Fiduciary Duty Claim Against Accountants Based Upon Statute of Limitations

By Ryan P. Moore, Esq.

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The Accountant/Attorney Liability Reporter: December 2014

Inside this issue:

Claim for Failure to Notify of Potential Fraud Allowed to Proceed

By Lindsey D. Smith, Esq.

Choice of Law and State Securities Law Prevent Dismissal of Auditor

By Adam C. Benevides, Esq.

Fiduciary Duty and Tolling of Limitations Period Considered in Connecticut

By Courtney A. Longo, Esq.

Alabama Court Dismisses a Fraud-by-Hindsight Action for Failure to Plead with Particularity

By Lauren P. Marini, Esq.

Appellate Court of Illinois Affirms Form 4549’s Sufficiency as Notice of Injury Triggering Statute of Limitations

By Amanda E. Mathieu, Esq.

In Pari Delicto: A Viable Defense in Limited Circumstances

By Jonathan A. Barnes, Esq.

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The Accountant/Attorney Liability Reporter, December 2013

Inside this issue:

Accounting Firm Not Liable for Malpractice where Client Knowingly Filed a False Income Tax Return

By Peter M. Vetere, Esq.

Connecticut Appellate Court Partially Reverses Trial Court’s Entry of Summary Judgment in Favor of Defendant Accountant, but Refuses to Apply CUPTA to Professional Malpractice Claims

By Craig J. MacLellan, Esq.

Statutes of Limitation in Accounting Malpractice Cases

By Adam C. Benevides, Esq.

Appellate Court of Illinois Rejects Contractual Defense in Allowing Claim for Breach of Fiduciary Duty to Proceed Against Accountant

By Daniel C. Poteet, Esq.

PCAOB Proposed Expanded Language for Auditor Reports

By Cheryl A. Waterhouse, Esq.

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The Accountant/Attorney Liability Reporter, December 2012

Inside this issue:

AICPA Issues Exposure Draft Of Proposals For Financial Reporting Framework For Small And Medium Sized Entities

By John B. Connarton, Jr., P.C.

New Jersey Supreme Court Provides Guidance On The Application Of N.J.S.A. 2A:53A-25: The Accountant Liability Act’s Limitation On Third Party Lawsuits Against Accountants

By Matthew P. Tuller, Esq.

Accounting Firm As Taxpayer Brought Up Short On Difference Between Compensation and Dividends

By John B. Connarton, Jr., P.C.

Following The Saying That If You Don’t Succeed, Try, Try Again, The U.S. District Court For The Western District Of Pennsylvania Recently Issued A Decision Denying A Motion To Dismiss An Amended Complaint Filed Against An Accounting Firm Where Seven Months Earlier The Court Had Allowed A Motion To Dismiss The Original Complaint

By Justin M. Jagher, Esq.

Third Party Liability for Tax Opinions: Sixth Circuit Rules Opinion Letter Actionable Under RICO

By Daniel DeBlander

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The Accountant/Attorney Liability Reporter: September/October 2012

Inside this issue:

In Pari Delicto Defense Applies Against a Trustee Suing For Professional Negligence

By Amanda E. Mathieu, Esq.

PCAOB Issues Report on the Progress of the Interim Auditor Inspection Program

By John B. Connarton, Jr.

Legal Considerations for Adding a Partner to your Accounting Firm – One Cautionary Tale

By Sa’adiyah Masoud

Lender’s Lack of Reasonable Reliance on Audits of Borrower Precludes Finding Against Accountant

By John B. Connarton, Jr.

When Does Malpractice Occur?

By Justin R. Giles, III

Second Circuit Court of Appeals Affirms Importance of Pleading Requirements for Fraud and Strictly Applies Test for Accountant Liability to Investment Fund Investors Absent a Contractual Relationship

By Daniel C. Poteet, Esq.

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The Accountant/Attorney Liability Reporter: March/April 2012

Inside this issue:

Liquidator of Insolvent Insurer Not Bound by Engagement Letter Terms

By Amanda Sirk

Litigation Privilege Protections Provided to Accountants Testifying as Expert Witness: The California Model

By Matthew P. Tuller

WashingtonState Court of Appeals Clarifies Start Point for Statute of Limitations in Accountant Malpractice Claims

By Daniel C. Poteet, Esq.

Engagement Letters: Ensuring that Statutes of Limitations Apply to Arbitrations

By Cheryl A. Waterhouse, Esq.

The Financial Accounting Foundation Issues Its Post-Implementation Report of Effectiveness of FIN 48

By John B. Connarton, Jr., P.C.

Engagement Limited to Compilation Limits Liability and Requires Complaint to Allege Specific Failures Within That Limited Standard of Care

By John B. Connarton, Jr., P.C.

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The Accountant/Attorney Liability Reporter: December 2011

Inside this issue:

Accounting Firm Liability to Creditors

By Amanda Sirk

Accounting Firms Successful in Dismissing Fraud and Other Claims

By Justin Jagher

California Court of Appeals Interprets “Accrual” for Tort Claims Against Financial Advisors as Occurring When an Adverse IRS Determination is Made

By Peter C. Lenart, Esq.

Emerging Market Audit Risks – PCAOB Audit Practice Alert

By Cheryl A. Waterhouse, Esq.

Read More

The Accountant/Attorney Liability Reporter: August/September 2011

Inside this issue:

Junior Accountants Held to be Exempt from Wage and Hour Law Protections

By Katherine McAllister, Esq.

The Kovel Principle: Recent Developments and Practice Suggestions

By Jason Burke

Textron Revisited: Tax Accrual Workpapers Work Product Protection Issue Has Produced New Work Product Definition

By John B. Connarton, Jr., P.C.

To Make or Not to Make a Statement: Fraud Liability Under SEC Rule 10b-5 Narrowed

By Cheryl A. Waterhouse, Esq.

Reporting Requirements for Residents Maintaining Foreign Bank and Financial Accounts

By Gwen P. Weisberg, Esq.

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The Accountant/Attorney Liability Reporter: March/April 2011

Inside this issue:

Fair Value Opinion Engagements

By John B. Connarton, Jr. P.C.

Auditor’s Obligation to Third Parties

By Nathanial Paty and Cheryl A. Waterhouse, Esq.

Accountant Compensation Dispute Governed By State Law When Not Specified in Agreement

By Justin M. Jagher

Auditor Obtains Dismissal of Claims by Shareholder Where Assets Invested with Bernie Madoff

By Daniel C. Poteet, Esq.

Protecting Your Business Interests: Non-Competition and Other Restrictive Covenants

By Chris Whitten and Cheryl A. Waterhouse, Esq.

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The Accountant/Attorney Liability Reporter: February/March 2010

Accountant Liability for Third Party’s Embezzlement

By Cheryl A. Waterhouse, Esq.

Threat of Tax Liability Enough to Hold Accountant Liable

By Michelle R. Epstein, Esq.

Illinois Judge Allows Bankruptcy Trustee Another Chance to Hold Auditor Liable for Fraud

By Justin M. Jagher, Esq.

Existence and Potential Waiver of the Accountant-Client Privilege

By Douglas M. Marrano, Esq.

Court Dismisses Securities Fraud Claim Against Law Firm

By Mark D. Szal, Esq.

New York Court Awards Judgment to Homeowner Against Attorney Over Bankruptcy Advice

By Douglas M. Marrano, Esq.

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The Accountant/Attorney Liability Reporter: October 2009

Inside this Issue

The Basics of Accountant Malpractice: Things Every Accountant Should Know

By Douglas M. Marrano, Esq.

The Importance of Engagement Letters

By Brian C. Newberry, Esq.

State Law Determines Whether Third-Party Suit Against Auditor Survives

By Justin M. Jagher, Esq.

Continuous Representation Doctrine in New York

Agreement to Extend Time to Sue Upheld

By Michelle R. Epstein, Esq.

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The Accountant/Attorney Liability Reporter: March 2009

Inside this Issue

New York Accounting Law Expands Oversight

By Cheryl A. Waterhouse, Esq.

First Circuit Recognizes Applicability of Work-Product Doctrine to Tax Accrual Workpapers

By John B. Connarton, Jr., P.C.

Document Retention for Accountants

By Justin M. Jagher, Esq.

Accountant Liability When a Corporation Commits Fraud

By Cheryl A. Waterhouse, Esq. and Eliana Nader

Law Firm Can Impose Financial Disincentives on Withdrawing Partners

By Cheryl A. Waterhouse, Esq.

Read More

The Accountant/Attorney Liability Reporter: April 2008

Inside this Issue

Deductibility of Investment Advisory Costs for Estates and Trusts After Knight

By Cheryl A. Waterhouse, Esq.

Accountants Prevail in Enforcing Limitation of Liability Clause in Engagement Letter

The Importance of Defining the Scope of the Engagement

By Cheryl A. Waterhouse, Esq.

Work Product Doctrine Protection for Tax Accrual Papers on Appeal

By Mark D. Szal, Esq. and Cheryl A. Waterhouse, Esq.

Auditor May Be Primarily Liable for Securities Fraud for Failure to Correct False or Misleading Financial Opinions

By Douglas M. Marrano, Esq.

Read More

The Accountant/Attorney Liability Reporter: October 2007

Inside this Issue

Immigration Impact On Employment Practices

First Circuit Finds No Attorney-Client Relationship Exists Between Counsel Retained By A Corporation And A Corporation’s Investors

Court Enforces Limitation Of Liability Clause In Accountant’s Engagement Letter

Court Holds Statute Of Limitation Begins To Run When Client Incurs Legal Fees To Defend Claims Arising From Accounting Firm
Read More

The Accountant/Attorney Liability Reporter: March 2007

Inside this Issue

Massachusetts Court Rules That Defendant May Seek Contribution From Plaintiff’s Counsel For Malpractice

Pension Protection Act of 2006 Alert: Potential Pitfalls, Penalties and Blacklisting for Appraisers – and Accountants, Attorneys and Fiduciaries?

Litigating In The World of Electronically Stored Information: An Overview of the Amended Federal Rules of Civil Procedure

First Circuit Upholds Decision Requiring Repayment of Corporate Indemnifi cation
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The Accountant/Attorney Liability Reporter: October 2006

Inside this Issue

Engagement Letter and Good Record Keeping Lead to Accountant Defense Verdict

Closing Attorney Not Liable to Seller as Escrow Agent in Absence of Contract With Seller of Property

By Doulgas M. Marrano, Esq.

Massachusetts Probate and Family Court Addresses Lawyer’s Simultaneous Representation of Family Members

Domestic Asset Protection Trusts (DAPT)
Read More

The Accountant/Attorney Liability Reporter: June 2006

Inside this Issue

Trustees Who Breached Their Fiduciary Duties to a Charitable Trust were Removed from Office by the Court

The Massachusetts Supreme Judicial Court Addresses the Appropriate Standard of Care for Professionals

In Probate Actions Judges Enjoy Broad Discretion in Awarding Attorney’s Fees and Costs

Chapter 93A and Attorney Malpractice: More Than Mere Negligence

Estate Planning Reform and Client Inertia: Is the GRAT One Answer?
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The Accountant/Attorney Liability Reporter: March 2006

Inside this Issue

SEC Enforcement Action Triggers Director’s Duty to Repay Corporate Indemnification

Continuing Representation Doctrine Does Not Defeat Statute of Limitations Defense

Massachusetts Supreme Judicial Court Rejects “Actual Malice” Test for Assessing First Amendment Protection Afforded Lawyers’ Courtroom Statements

Constructive Trust Imposed on Real Estate Purchased by Attorney Acting in Breach of Fiduciary Duty
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The Accountant/Attorney Liability Reporter: December 2005

Inside this Issue

The Court of Appeals Finds Accountant Trustees Liable Under G.L. c. 93A

Court Upholds Consulting Firm’s Decision to Terminate at Will Employee

By Brian C. Newberry, Esq.

Partnership Agreement Invalid Where It Requires Departing Law Partners From Sharing Fees Earned After Departure

By Douglas M. Marrano, Esq.

Insurer Allowed to File a Legal Malpractice Claim Against Insured’s Defense Counsel Under a Theory of Subrogation

Court Finds Attorneys Not Liable For Conflict of Interest
Read More

The Accountant/Attorney Liability Reporter: July/August 2005

Inside this Issue

The Bankruptcy Court Denies Counsel’s Motion to Withdraw Despite Clear Failure to Pay

Executrix Held Personally Liable for Legal Services Rendered to Probate Estate

The Federal District Court Denies Summary Judgment on Partnership by Estoppel

The United States Court of Appeals for the First Circuit Holds Chapter 11 Counsel Liable for Malpractice

CPA Not Liable for Failing to Consider Applicability of §280H
Read More
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