📊 Accounting Services Terms Scanner

⚠️ 6 Accounting Services Gotchas to Watch For

• No Audit Opinion: HIGH Compilation and review engagements explicitly disclaim any opinion on accuracy. You're paying for organization, not verification of your financials
• IRS Penalty Disclaimers: HIGH Most tax preparers disclaim responsibility for IRS penalties and interest—even if their error caused the audit. Penalty protection often costs extra
• Client Data Responsibility: MEDIUM You remain responsible for accuracy of data provided. Accountants won't catch your mistakes and can blame you for any resulting errors
• Liability Caps: HIGH Damages often capped at fees paid for services. A $500 tax return could cause $50,000 in damages with minimal recourse
• Document Retention Limits: MEDIUM Accountants may only retain your records for 3-7 years. After that, reconstruction of prior-year info becomes your problem
• Scope Changes Require Approval: MEDIUM Any questions or issues discovered during work may trigger scope expansion with additional fees—often without advance notice