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AAA-CPA
Together with our publishing partner, MultiView, we are bringing you closer to your audience and connecting your business with the buyers you need. As a valued AAA-CPA supporter, we would like to offer you the opportunity to reach your core customers through our site and newsletter. If you have any questions or are interested in learning more about how to feature your company on the AAA-CPA website and newsletter, contact our publishing partner Multiview at 972-402-7070 or salesinquiries@multiview.com.
AAA-CPA
 Many of you are already aware that your Professional Liability Policy through the American Academy of Attorney-CPAs is a claims-made policy. The claims-made policy provides cost advantages but also allows you to insure the risks resulting from past services under your present policy. If we don't see cancellations or lapses in coverage, we can approve retroactive dates on our policies going back many years.
One of the important features of a claims-made policy is that you must have a current policy in force to submit a claim. Once premiums stop, the coverage stops. Even if the alleged incident occurred while the policy was in force, a claim submitted to the insurance company after the coverage period will not be covered.
That is where an extended Reporting Period Endorsement can really come in handy. Whether you are nearing retirement, winding down operations or making a career change please take the time to look over our Extended Reporting Period Coverage. The Extended Reporting Period Endorsement affords extra time for reporting claims to the insurance company. It is often referred to as "tail" or "tail coverage."
Another scenario that can come into play is if your policy is cancelled or nonrenewed and you cannot find immediate replacement coverage. The ERP endorsement is available in most situations. Our product with Lloyds would help with this issue by providing a 12-month extension at 130 percent of the policy premium.
The cost may seem high for this endorsement, but with the societal changes that have increased claim frequency, we suggest evaluating the need for the coverage. The first-year premium cost will be 100 percent of your expiring policy premium with future years at discounted rates. The coverage can be purchased up to five years after your policy has expired and can even be purchased longer up to underwriter approval.
Please contact Hays Companies with any questions regarding your current coverage or if you have the need for our Extended Reporting Period Endorsement in the near future.
Account administrator: Sam McFee
Direct phone: 612-758-8477
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Estate Planning and Elder Law professionals turn to INTERACTIVE LEGAL as their main resource for the latest in legal planning strategies and practice management resources.
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Reuters
The Republican-led corporate tax cut is helping turn the shares of smaller publicly traded companies in the United States into an unexpected source of stability as the broader stock market wobbles. Typically, the shares of small and mid cap companies in the Russell 2000 index are more volatile than the large cap S&P 500 .SPX, in part due to their concentration on the U.S. economy and smaller financial cushions.
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Tax Pro Today
The Internal Revenue Service has released a new revenue procedure that provides a new automatic way that companies can use when changing their accounting method to conform to the Financial Accounting Standards Board's new revenue recognition standard.
In Revenue Procedure 2018-29, the IRS noted that under the new FASB standard, an entity must recognize revenue, for financial statement purposes, for goods and services promised to customers in an amount that reflects what the entity expects to receive in exchange for those goods and services.
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Accounting Today
The Internal Revenue Service has released an updated Priority Guidance Plan to give tax professionals and taxpayers information about the areas of the Tax Cuts and Jobs Act and other matters where it plans to provide more clarity in the near future.
This third quarter update to the 2017-2018 plan that the IRS issued recently reflects 13 additional projects, along with information about guidance the IRS has already published during the period from Oct. 13, 2017, through March 31, 2018.
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MISSED AN ISSUE OF THE AAA-CPA WEEKLY UPDATE? VISIT AND SEARCH THE ARCHIVE TODAY. |
CPA Practice Advisor
No competitive business can be successful without growth. In today's rapidly changing economic landscape, companies are under pressure to expand market share, seek out new development opportunities and, most importantly, identify unique offerings that deliver additional value to their customer base.
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AccountingWEB
The IRS has issued its annual list of issues on which it will not rule in Revenue Procedure 2018-03.
The topics begin on Page 130 of the 280-page document. They are followed by areas in which rulings aren't ordinarily issued and areas under study in which rulings will not be issued.
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Bloomberg BNA
When he signed sweeping U.S. tax changes into law, President Donald Trump probably didn't expect to bolster U.K. companies' takeover transactions. That, however, is exactly what happened.
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Missed last week's issue? See which articles your colleagues read most.
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May 22, 2018
Webinar: The New Deduction for Flow Through Entities
May 25, 2018
Property Tax and Casualty Loss Opportunities Under Current Law, Part 2
May 29, 2018
Webinar: Reporting by US Owners of Foreign Entities
June 5, 2018
Webinar: Maneuvering the Online Marketplace and Managing Sales Tax
June 12, 2018
Webinar: Tax Practice Ethical Standards
June 22, 2018
The New Basic Facts: 21st Century Estate Planning
July 3-8, 2018
2018 Annual Meeting & Education Conference
Aug. 17, 2018
What You Need to Know About the Foreign Investment in Real Property Tax Act of 1980
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