2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
The 2022 Gift Tax Return Deadline Is Coming Up Soon
HUD Strengthens the Effects Test
President Biden’s Proposed Budget Includes Notable Tax Provis...
What role can you, as a CPA, play in my personal or business litigation matters?
CPAs are often called upon to render expert witness or consulting services in many types of litigation. Typical cases CPAs play a role in include complex commercial litigation, family law matters, shareholder disputes, estate and gift tax matters, and other matters where financial damages, business valuation and forensic accounting issues are at the forefront of the case. A CPA (financial expert) can also be involved in the alternative dispute resolution process, which generally occurs long before the case goes to trial.
Generally a financial expert is called upon because the issues at hand require an expert opinion that goes beyond lay person knowledge and testimony. While the opinions and testimony will typically occur later on in the case, significant contributions can be made by the CPA early in the case assisting in developing direction, document discovery, and creating an understanding of the calculations and financial analysis that may be necessary. Beyond the early stage case preparation, they can serve as expert witnesses during depositions and trial. Often they are used for cross-examination assistance for the opposing expert as well. They can also appear at mediation, facilitation and arbitration to offer the opinions and analysis that could also be used in trial. As with most financial matters, there can be tax implications that a CPA can assist with as well.
Have a Question for Ask the Advisors?
Bruce Knapp, CPA/ABV/CFF, CVA, CFE, is the Practice Leader of the Valuation and Litigation Support Group at Doeren Mayhew’s top 100 CPA firm and can be reached at 248.244.3218.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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