Utah Accountant Liability: Is Your Accountant Working for You or Not?

Million-dollar view from one of my favorite rocks in Farmington, Utah

Did you engage your accountant to work for your company (LLC or S Corp) or did you engage him or her to work for you personally? The reason that I ask this has to do with whether you can personally rely on your accountant’s advice or only your company can. This becomes important when holding your accountant responsible for his or her advice, including when filing taxes and making important business decisions. Let me explain:

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Utah Accountants Remain Well-Protected After Recent Utah Court of Appeals Ruling

The Atlantic Coast in January.

If you are an accountant in Utah, you know that you have a friend in the Utah statutes, specifically Utah Code section 58-26a-602 (the Accountant Liability Statute). Your protection is that you only owe fiduciary duties to your client and not to others. The Utah Court of Appeals recently reiterated the strength of this protection in Reperex, Inc. v. Child, Van Wagoner & Bradshaw. I will outline the case, the accountant’s protections, and what accountants need to watch out for and, for persons attempting to rely on the accountant, how they can make the accountant accountable to them. Here we go. Continue reading “Utah Accountants Remain Well-Protected After Recent Utah Court of Appeals Ruling”