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Due to the risk of liability, CPAs and accounting firms may carry professional liability insurance to provide some protection from legal claims and lawsuits, although some firms choose to self-insure. [4] Concerns about high damage awards and insurance costs have led to proposals to limit liability for public accounting firms. [5]
Arthur Andersen LLP v. United States, 544 U.S. 696 (2005), was a United States Supreme Court case in which the Court unanimously overturned accounting firm Arthur Andersen's conviction of obstruction of justice in the fraudulent activities and subsequent collapse of Enron.
The lawsuit accused Ernst and Young of concealing its relationship with Washington D.C. law firm Swidler and Berlin, which had recommended Ernst and Young as the turnaround adviser. Swidler and Berlin were representing the accounting firm in a West Virginia lawsuit at the time.
Job networking site LinkedIn employed Nazi tactics when it banned an unabashedly pro-Israel Manhattan accountant who regularly spoke out on the platform against antisemitism, he claimed in a lawsuit.
As of 2021, George and Joanne Gilmore owed almost $2.9 million in federal back taxes, according to a document filed by the Internal Revenue Service with the Ocean County Clerk’s Office.
Trump v. Mazars USA, LLP, 591 U.S. ___ (2020) was a landmark US Supreme Court case involving subpoenas issued by committees of the US House of Representatives to obtain the tax returns of President Donald Trump, who had litigated against his personal accounting firm to prevent this disclosure, although the committees had been cleared by the United States Court of Appeals for the District of ...
Arthur Andersen LLP was an American accounting firm based in Chicago that provided auditing, tax advising, consulting and other professional services to large corporations. By 2001, it had become one of the world's largest multinational corporations and was one of the "Big Five" accounting firms (along with Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers).
Limited liability company (LLC) ... As the corporation's owner, you are not personally liable for business debts or lawsuits. ... Complete Your Year-End Accounting.