As Tax Season looms closer, it’s worth having a quick discussion with the partner group on your firm’s policy for paying client’s tax penalties. Why should you have this discussion immediately? Failure to properly report and receive clearance from your insurer can void your policy on that issue! Tax penalties tend to make unhappy clients and unhappy clients tend to bring claims. Claims also make unhappy partners, but having a claim with no insurance coverage will be exceedingly painful. Tax claims are the most frequent type of claim, so it’s worth being savvy in this area.
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