Florida Accounting Malpractice Lawyers

Types of Accounting Malpractice

Accounting malpractice can take several forms, including:

Incorrect Advice

This occurs when an accountant provides incorrect financial information, whether through carelessness or lack of understanding, leading to inaccurate financial decisions by the client. For example, a business might be misled about its financial health, resulting in investment losses.

Errors in Tax Preparation

Accountants are responsible for preparing accurate tax returns and advising clients on tax obligations. Mistakes in tax calculations, improper deductions, or missed filing deadlines can lead to penalties, overpayment, or audits.

Failure to Detect Fraud

Accountants often play a key role in auditing or reviewing financial statements. Failing to detect fraudulent activities, embezzlement, or accounting irregularities can expose a business or individual to financial risk.

Breach of Fiduciary Duty

Accountants may have a fiduciary duty to their clients, meaning they must act in the client’s best interest. A breach occurs when an accountant acts negligently, carelessly, or in their own interest, resulting in harm to the client.

Improper Auditing Practices

Auditors generally must adhere to the Generally Accepted Accounting Principals (GAAP) as well as the Generally Accepted Auditing Standards (GAAS). Failure to do so can result in missed errors in a company’s financial records or overlooked fraudulent activities.

Understanding Your Options for Compensation after Accounting Malpractice

Victims of accounting malpractice in Florida have the right to seek compensation for their financial losses. However, these cases can be complex, requiring a clear demonstration of negligence and resulting financial harm.

Compensation may include recovering losses related to incorrect financial statements or tax returns, penalties, lost profits,  or missed business opportunities caused by the malpractice. In addition, those damaged by negligent accounting services may also recover the legal and financial costs or repairing the harm caused by the negligently prepared financial documentation or tax returns.  Recovering compensation often involves negotiating with insurance companies or accounting firms, and if a settlement cannot be reached, a lawsuit may be necessary to secure fair compensation.

Statute of Limitations for Accounting Malpractice in Florida

It’s crucial to act quickly if you suspect accounting malpractice. In Florida, the statute of limitations for professional malpractice claims is typically two years from the date the malpractice was discovered or should have been discovered with due diligence.

However, there are exceptions and nuances to this rule — this is why it’s essential to consult with an experienced attorney as soon as possible.

Establishing Liability for Accounting Malpractice in Florida

To succeed in an accounting malpractice claim, the victim must prove that the accountant was negligent and breached their duty of care, directly causing financial harm. Liability may be established by showing that the accountant failed to act with the competence expected of professionals in their field or that he or she failed to act as a reasonable accountant woul;d under similar circumstances. Our team will gather evidence to support your claim, including:

• Financial records and statements
• Correspondence and other communications with the accountant or accounting firm
• Expert testimony from other accounting professionals
• Regulatory filings and audit reports
• Witness statements from employees or business partners

In addition, we’ll recruit expert testimony from accounting professionals to demonstrate how the malpractice occurred and the harm it caused.