Diane Kennedy
Bronze Contributor
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- Aug 31, 2007
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I should also add that there is no confidentiality with an EA for records. In other words, anything you tell them or they put in their workpapers can be be subpoenaed in case of lawsuit.
In some states (Arizona for example) CPAs have the same client privilege that attorneys do. In all the rest of the states, an attorney can put a CPA under their umbrella of privilege. I have done that exact thing when a client of mine in NV was sued. NV doesn't have the client privilege, but I went under an attorney's umbrella and they couldn't subpoeana my records.
Anyone else would have had to surrender the records.
In some states (Arizona for example) CPAs have the same client privilege that attorneys do. In all the rest of the states, an attorney can put a CPA under their umbrella of privilege. I have done that exact thing when a client of mine in NV was sued. NV doesn't have the client privilege, but I went under an attorney's umbrella and they couldn't subpoeana my records.
Anyone else would have had to surrender the records.