[1] For instructions on how to withdraw the Power of Attorney, refer to the instructions to IRS Form 2848, Power of Attorney and Declaration of Representative. AICPA Member Insurance Programs This letter will confirm that we have not been retained to perform that service and that our firm has not agreed to render any professional services to you. It can also order the accountant to stop any work in progress. However, not all CPAs are trustworthy or efficient, and if they are not delivering these essential services accurately it may be time for the business or individual to send a letter to change accountants. If there are any discrepancies, the IRS will go after the individual or business owner and not after the accountant. In the event any portion of your 20XX income taxes remains unpaid, underpayment penalties and interest continue to accrue on these amounts. Any references to non-CNA websites are provided solely for convenience, and CNA disclaims any responsibility with respect to such websites. The firm can always waive the penalties for a partner who fails to meet the notice requirement but who properly transitions his or her clients before leaving. • The worst-case scenario is an account who is dishonest. It has become necessary for my business to employ a larger accountancy firm. (Excel, Quickbooks, Peachtree, etc.) From the seller's perspective, minimizing the major transitional risks after selling a CPA practice should be considered as important as maximizing the sales price and terms.. A failure by the buyer or seller to execute a successful transition after the closing of the sale can be detrimental to client retention. Your NameBusiness NameAddressCity, State, Zip Code, Accountant’s NameAccountant’s AddressCity, State, Zip Code. If applicable, include a list all of the entities or individuals with whom the relationship will be terminated. Thank you for all the assistance you provided while my business was just starting out. When written effectively, the disengagement letter can leave clients feeling that you considered their business needs and acted in their best interests. Carry an Umbrella. And no partner can serve clients forever. This appendix includes five sample letters for a sale or affiliation and two for a merger that firms can use to present the transition in the right light. From a risk management perspective, CPA firms should avoid providing a partially completed work product to terminated clients or the successor CPA firm. Even if you decide to inform the client of your resignation verbally, a follow-up letter evidences the discussion. A rule of thumb is that a partner-loyal client base takes two to three years on average to properly transition. Reeb suggests that firms take the following steps in managing the client transition process: Create a transition plan for each retiring partner three years before his or her retirement date, To remain with our firm, please sign the second line at the end of this letter, and return the letter to this office. Understanding financial statements and tax codes is a skill that takes time to learn. Who is eligible for Long Term Disability? The main reasons for firing an accountant are: • Many business owners and individuals don’t understand financial statements. Our working paper files are the property of our firm, and will be maintained by us in accordance with our firm record retention policy. We will consider any requests for copies of documents in our working paper files from you or the successor firm. Michael T. Fant, CPA, P.C. When an accounting practice is sold, it is a given that the ownership will change. [Name of Authorized Client Representative Name]. Applications for an extension of time to file the 20XX U.S. federal and [State] income tax returns for [Client Name] have been filed with the taxing authorities. If they refuse to do this for whatever reason, they may not be honest. Copying costs will be charged at our regular rates, and are due and payable on a COD basis. The letters you send to clients announcing a merger or acquisition should reassure in order to retain. This is why they employ an accountant. Here is a sample of a letter to change accountants. The only question is whether that someone will be in your firm or a competitor’s. Do you have enough life insurance for your stage in life? Unless the firm resigns from the CPA/client relationship while an engagement is in process, the letter should expressly state that there is no work-in-process as of the relationship termination date. As of the date of this letter, our firm has no work-in-process for [Client Name]: $[XXX] remains due and payable to our firm for the [Name of service provided] for [Client Name]. If the accountant feels insulted as well as fired, he or she may slow the transition process to a new accountant. It is accurate to the best of the authors’ knowledge as of the date of the article. However, not all CPAs are trustworthy or efficient, and if they are not delivering these essential services accurately it may be time for the business or individual to send a letter to change accountants. The letter should be polite and formal. You may access copies of records in the portal up to this date. _____ 8. firm is considered the “buyer” and the smaller firm is considered the “seller” even though legally there is no sale or acquisition and it’s unlikely that cash payments will be made by the buyer to the seller at the onset of the merger. Time commitment of the seller to the transition. There are two kinds of partners at CPA firms… Dear : Thank you for contacting us in regard to . Unless the firm resigns from the CPA/client relationship while an engagement is in process, the letter should expressly state that there is no work-in-process as of the relationship termination date. _____ 7. No accounting firm can exist without clients. Re: Termination of professional services. A final billing statement may resolve any confusion and could be included as an enclosure with the termination letter. “Also check with the clientfirst so that you know what information they have,” says Dixon. It is essential that the tax return is accurate or there could be serious repercussions with the Internal Revenue Service (IRS). It is not necessary to give a reason for the change. The wording I use is: "Enclosed is a copy of a letter from 'name of client' requesting we act as accountants. We may require payment in full of all outstanding fees owed our firm before providing these copies. 6. Clients should be careful when they fire their accountant. If your spouse died today, would you be prepared? The purpose of this article is to provide information, rather than advice or opinion. Fort Washington, PA 19034, Choose which policy type you need to manage. Consultation with the AICPA or a state CPA society through available professional ethics hotlines is also recommended. While it’s entirely optional, handing out a retirement letter to your client does have its benefits. What is Commercial Property and Liability? Partner. Keep moving forward throughout every stage of life. create a client base, its imperative firms consider how these clients will continue to be serviced as the owners of the firm ... be retiring soon and the amount of ownership that will be in transition as a result. This information is produced and presented by CNA, which is solely responsible for its content. Under paragraph .07 of §1.400.200 of the AICPA Code of Professional Conduct, Records Requests, a firm’s work product may be withheld if the work product is incomplete. For at least for the first two to three years, the buyer of a CPA practiceshould make every effo… The CPA offers to continue providing services to the client during the transition in the CPA client termination letter … When it becomes necessary to terminate a client relationship, it is important to confirm this action in a letter to the client to avoid future ambiguity regarding the status of the relationship. The letter should clearly map out the client's responsibilities going forward and issues that should be raised with a successor CPA. required by many individuals and businesses to file taxes and an analyze financials. We recommend having your successor CPA obtain a Power of Attorney so that they may communicate with the IRS and state taxing authorities. Timing is important in a retirement le… Use of bullets or a table is recommended for clarity. However, not all CPAs are trustworthy or efficient, and if they are not delivering these essential services accurately it may be time for the business or individual to send a letter to change accountants. Be sure to tell the client what could happen if they do not follow up on items noted and that they will be responsible for the consequences of their inaction. Doing Business in the Cloud? [2] If multiple services were delivered or if multiple clients are being included in the termination letter, separately list each client and each service that was delivered to that client. Mailing the announcement letter in the predecessor's envelope but writing it on the successor firm's letterhead ensures the letter will be opened and sends a powerful but subtle message about the transition. Why CPAs choose AICPA Long Term Disability. Copyright © 2020 CNA. The client addressed in this example is the owner of a small business. These include the following: [Describe original client records being returned to the client], Your access to the [Client Name] and [Additional Client Names] client portals will expire on [Date]. In most engagements, the client is required to collect certain information and provide certain records to the CPA. 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Time commitment of the seller to the transition. The AICPA and CPA.com have been advising firms to reach out proactively to hard-pressed businesses and begin collecting key documents such as 2020 revenue, monthly payroll amounts, and the like. A disengagement letter professionally and formally terminates the CPA-client relationship and provides CPAs with a valuable tool to reduce potential legal liability. Click here to download our free New Client Welcome Letter Word Template. A successful transition requires a profitable CPA firm and a deal that satisfies the needs of both the seller and the buyer. While they are far from the most complex issue facing the profession, they can be an unexpected annoyance and involve an unnecessary drain on valuable time. Firms should begin now to support ... CPA FIRM SUCCESSION … Be sure to research applicable state board of accountancy regulations regarding this topic as well. How frequently would you like your Trusted Business Advisor/CPA to contact you?_____ 9. In fact, many clients prefer that most aspects of the CPA firm remain the same as they were under the former owner. Certified public accountants (CPA) are required by many individuals and businesses to file taxes and an analyze financials. • An accountant should understand tax law, and be able to help the individual or business owner take advantage of all legal deductions. Client Information and Responsibilities. the end of this letter, and return the letter to this office. So, if there is a genuine urgency, it’sbest to say so, gi… These extensions expire on [date]. Certified public accountants (CPA) are required by many individuals and businesses to file taxes and an analyze financials. I have been very satisfied with the service I received from you, and this termination of services is in no way an expression of dissatisfaction. Since we have grown to include online sales, it has become apparent that we need e-commerce financial advice. If deadlines are missed or a theft occurs and the CPA had not informed the client of those in writing, the client may blame the CPA firm. If there is work-in-process, the termination letter should address the status of the firm’s work product and what, if anything, the firm will deliver to the client. Mailing the announcement letter in the predecessor's envelope but writing it on the successor firm's letterhead ensures the letter will be opened and sends a powerful but subtle message about the transition. In addition, CNA does not endorse any coverages, systems, processes or protocols addressed herein unless they are produced or created by CNA. At times, clients assert that CPAs knew they did not provide proper service because they did not bill for their time or follow-up on outstanding fees. staffingpractices.soe.vt.edu Generally, the letter should contain: An identification of the engagement to which the professional service relates. Examples are for illustrative purposes only and not intended to establish any standards of care, serve as legal advice, or acknowledge any given factual situation is covered under any CNA insurance policy. It is our mission to do everything possible to help you reach your business and financial goals. A well-executed client transition plan is the best protection for the firm and the best insurance retiring partners have that they will receive those unfunded retirement … It is not the place to show anger. Dear [Client Name or Authorized Client Representative Name]: As of [Date], [CPA Firm Name] (“firm,” “we,” “us,” or “our”) is terminating our professional relationship with [Client Name] or [Additional Client Names] (collectively, “you” or “your”) and will no longer render services to you. We will cooperate with any successor you designate to us in writing, in accordance with the provisions of the AICPA Code of Professional Conduct. This article is going to teach you everything that you need to know in order to create a proper retirement letter to any clients that you may want to so say goodbye to. An example letter is included in Appendix A. How to Write a Business Opportunity Letter, Writing a Simple Business Plan Cover Letter for Investors, Writing a Simple Letter for a Business Transaction, Writing a Good Business Introduction Letter to New Clients, Writing a Request Letter for Training Course [with Sample], Writing a Loan Request Letter to Employer [with Sample], Writing a Shift Change Request Letter [with Samples], Writing a Letter Requesting Financial Assistance for Education [with Sample], Writing a Letter for Change of Address [with Sample]. If the accountant feels insulted as well as fired, he or she may slow the transition process to a new accountant. Phone: (734) 455-4802 Fax: (734) 455-1655 Email: info@fantcpa.com If the CPA has power of attorney to represent or act on behalf of the client before the IRS, include your intention to withdraw from such authority in your termination letter to limit your professional responsibility to the client and the IRS.[1]. I wish you well in the future. It is not the place to show anger. [update as necessary to mirror the firm’s billing practices as outlined in the client engagement letter], You should consult with the successor CPA firm you select as soon as possible regarding [List items that need to be addressed, any applicable due dates and the consequences of not addressing the item(s).]. However, to retain clients, make every effort to minimize as much additional change as possible. Former accountants oftendon’t want to do the transition work because they’re losing a client, it’stime-consuming and it’s unproductive. 239 CPA Firm Mergers & Acquisitions: How to Buy a Firm, How to Sell a Firm… But that doesn’t mean clients like change. 1100 Virginia Drive, Suite 250 We appreciate your interest and wish you the best. The first paragraph of the letter should clearly indicate that the client relationship is being terminated, note the effective date of termination and provide the status of services agreed upon in previously issued engagement letters. I have engaged Name of Company to take over the financial accounts of my business and would appreciate it if you give all the information they require when they write to you within the next two weeks. Why CPAs choose Commercial Property and Liability, Why Firms choose AICPA Group Identity Theft, Why CPA Firms choose AICPA Group Life Insurance, Who is eligible for Group Elite Insurance, Why firms choose Group Personal Excess Liability. [Optional – If client had access to firm’s electronic systems or portals.]. 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All products and services may not be available in all states and may be subject to change without notice. He or she can charge unfair fees and even cheat the individual or business out of money. Finally, consider designating in the letter an owner or firm administrator of the firm as the sole point of contact for any future communications by the client. Some CPA firms may indicate who will be staffing the engagement. The best way to determine if the accountant is honest is for the individual to ask the accountant to teach the basics of accounting. Tax laws are constantly changing and the accountant should keep up with the latest. This is best done as a part of the regular client service. They should also consider the ongoing work and may not want to send a letter to change accountants during an in-process tax return or other serious financial issue. We would like to sincerely thank you for choosing [companyname] to service your tax accounting needs. Contact Us. Firm-loyal client bases are not at risk to the same extent. Identifying the client: It may seem obvious, but it is critical that the engagement letter specifically address the proper client. We have enclosed all of the original records provided to us for [Client Name]. Terrence Putney, CEO of Transition Advisors LLC and co-author of the book, CPA Firm Mergers & Acquisitions: How to Buy a Firm, How to Sell a Firm, and How to Make the Best Deal, says this scenario has happened and will happen again without proper planning to manage the transition of partners and their client relationships.. This is to ensure that the financial records stay intact during the termination process. What are your expectations of our firm? It should be sent by certified mail, to ensure a record of receipt. If the individual income tax returns were filed electronically on the client’s behalf, the letter also could state that the client provided the CPA with a signed copy of IRS Form 8879, which includes a declaration that the taxpayer examined a copy of his or her electronic individual income tax return and accompanying schedules and statements for that tax year and declared that it is true, correct and complete to the … A worthy accountant will be able to explain financial statements and other financial issues in a language the business owner or individual understands. If another accountant or firm has been employed, the accountant can be requested to send all files to them. Continental Casualty Company, a member of the CNA group of insurance companies, is the underwriter of the AICPA Professional Liability Insurance Program. We are withdrawing our Power of Attorney from the Internal Revenue Service (IRS) and [State]. Dixon advises accountants need to be clear in anethical letter about the records they are seeking. • The accountant should not give vague or outdated advice. Letter to previous advisor You will also need to get a letter from your client confirming the instruction, and requesting full disclosure from the previous advisor. Before firing an accountant, the individual should have another accountant or accounting firm ready to immediately step into the position. This minimizes the risk of miscommunication and places control over responses to requests for records. So the rules of logic would dictate that someone else must take over serving those clients. Accordingly, this article should not be viewed as a substitute for the guidance and recommendations of a retained professional. As a result, regardless of your expectations regarding collection, a termination letter should state the amount of fees due or state that a balance is not due. We previously returned all original records you provided to us in connection with previous engagements to you. Devoting some time to drafting these letters and retaining proof that the client received the letter can help CPA firms avoid future problems with former clients. If client transition is such a logical part of accounting firm life – and If the accountant has a legal contract for employment, changing accountants must be done according to the terms mentioned in the contract. The relevant insurance policy provides actual terms, coverages, amounts, conditions, and exclusions for an insured. Here is sample text of an effective letter (edit as needed). Take a look at our sample termination letter sample to get the ball rolling. In accordance with our understanding with you regarding professional services as documented in the attached engagement letter signed by you, interest is charged on unpaid fees at the rate of 1.5% per month, and remains due and payable to our firm. [Optional – If the CPA firm has an outstanding Power of Attorney for the client.]. All rights reserved. The letter should be polite and formal. (NOTE: You may choose instead to enclose separate consent or authorization forms for the client to sign and return.) Most common causes of disabilities and how to prevent them, Most people underestimate their risk for a disability, Three steps to take when planning to return to work after a disability, Why young people need disability insurance, How to keep your valuables safe from harm, Step Up Your Holiday Home Safety with These Important Tips, Help Protect Your Identity While on Vacation. Certain CNA Financial Corporation subsidiaries use the “CNA” trademark in connection with insurance underwriting and claims activities. If questions about or requests for records subsequently arise, review §1.400.200, Records Requests, of the AICPA Code of Professional Conduct and applicable state board of accountancy rules and regulations. What is Supplemental Health Insurance in Retirement? The key to a proper transition of clients is for the retiring partner to be actively involved in the process. The letter should briefly state the status of outstanding fees, even if fee collection is unlikely. Clearly indicate the status of any client records supplied to you in connection with prior engagements, and also note your firm’s record retention policy. Frequently asked questions about getting life and disability insurance answered. An efficient accountant for a business should be able to give detailed advice for: o Leasing or buying equipmento Saving money in retirement accountso Reducing the tax burdeno Selecting good accounting software. If you submit your final invoice at the end of this month as usual, I will pay it immediately. Termination letters are important tools in managing risk when terminating a client relationship. Dear, I am writing to inform you that AAA ACCOUNTING FIRM will no longer be able to offer CLIENT accounting services. They should be able to teach simple methods that will save their client’s money. Unfortunately, some accountant would like their employer to stay in the dark about their financials, thinking this gives the accountant job security. “CNA” is a registered trademark of CNA Financial Corporation. Risk is inherent to any business activity, including the sale of a CPA practice. The letter will clearly state the date the retirement will start, express the desire to help with the transition and thank them for a positive working relationship. CPAs who are Good Defensive Drivers Still need Personal Umbrella Insurance! If it is suspected that the accountant committed an ethics violation the state CPA association or accounting association should be informed. Risk is inherent to any business activity, including the sale of a lawsuit for and... 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