An accountant handled a 1031 Tax Free Exchange for a client. The accountant did not comply with IRS rules and requirements to guarantee there were no tax consequences for the client. The client was notified by the IRS that she had a tax liability for the exchange in the amount of $35,000*.
Would your clients have the coverage needed to protect their business if they found themselves in a similar situation? Or a top carrier to help them pay the expenses?
The Hartford’s Accountants Professional Liability Policy can help protect your client.
The Hartford, an insurance leader with over 200 years of experience, has proudly partnered with Target Insurance Services, the program administrator, to offer professional liability protection for your small-to-medium-sized private accounting firms (1 to 50 professionals). Together, we’ve developed an Accountants Professional Liability program designed specifically to meet the unique needs of private accounting firms.
With Professional Liability Coverage from The Hartford, Accounting Firms can enjoy:
- Subpoena coverage endorsement
- Discrimination defense coverage, up to $50,000 per policy period
- Network Security and Theft of Data endorsement
- Innocent Insured coverage
- Coverage for newly acquired entities with five or fewer professionals, and coverage for predecessor firms
- Worldwide coverage territory, provided claim is made and suit is brought within the U.S., its territories or possessions, Puerto Rico and Canada
- Retiree extended reporting period available for qualifying sole proprietors
- Death & Disability extended reporting period for sole proprietors
Call 512-828-4200 to discuss the best way to protect yourself from the unexpected or go to Accountant’s E&O Insurance