Counting the cost
As a tax preparer, you do a solid job of keeping your clients out of trouble. You’re professional, reliable and you stay on top of all the regulations and changes to the IRS code.
You take great care of your clients and over the work you do for them. But what happens when things go wrong? Who takes care of you?
Say a client claims you failed to report a 1099 and they got audited by the IRS. Now, you know you asked for all their 1099s and you filed them on time. It makes no difference. Because even if it was your client’s error, not yours, you’ll still have to pay for an attorney to defend you.
If you have errors and omissions insurance, your legal defense, plus any damages you’re liable for, could be covered. Can you afford to be without it?