Insurance Company


#1

I have a new client, an insurance company. Former CPA was incompetent (ill, Alzheimers).
Audited by IRS. Now in appeals. And I just got brought in, oh brother. Huge tax deficiency computed in audit. Problems with accounting method and deductions. Our goal is simply to avoid penalties or get them abated. Insurance companies have some special tax rules for recognizing revenue and expenses. I am looking for someone with background in taxation if insurance companies that can answer some questions. Could be a significant engagement for a very experienced practitioner.


#2

John,

I would like to see if I can be of assistance. I have represented more than one insurance agency under audit.

Thanks!

Keith


#3

Thanks Keith. I was looking for some information about the special statutory method for insurance companies and warranty revenue recognition for warranty contracts. I have represented some agencies that sell for various companies but never have an insurance company itself. I am still in the discovery stage and will contact you again when I get all the facts lined up. Right now all I know is that a sick (ill) CPA screwed up big-time. Nobody realized it because she had not been diagnosed. She had a small firm with no significant review process. Certainly did not follow good practices, much less “best”. So I have a lot of forensic work to do before I am ready to proceed. 2 or 3 weeks I think.

Then I’ll be back in touch.


#4

Good morning John!

Please feel free to call or email anytime. I am not necessarily looking for a referral, just looking looking to help!

William (Bill) Ferguson CPA Shareholder, Assurance Services is a personal friend of mine who is always willing to help when he can!

Thomas Howell Ferguson P.A. CPAs is a well respected firm with Headquarters in Tallahassee, FL.

They understand the financial reporting, operating, and regulatory issues that affect the insurance industry.

The also have a core core group of professionals within their firm that concentrate almost exclusively on serving insurance companies.

Good luck and let me know if I can help!

Keith