Adverse Witness
THE “INTERESTING” ATTORNEY/CPA
Basil Bain AW
Environment and Concepts, (3) Financial Accounting and Reporting and (4) Regulation (which includes taxation, among other subjects). A passing score must be achieved on all four sections, which, in times past had to be taken together, but which now may be taken separately. Also, there is now a requirement for the CPA candidate to have one year of work experience prior to obtaining a Florida CPA license. After being issued the license, Florida CPAs are required to complete continuing professional education (CPE) to maintain the CPA license. The requirement consists of 80 CPE hours every two years. Why Become an Attorney/CPA? A natural question is why one would go through the trouble of becoming an attorney/CPA and maintaining both credentials. From my observation and experience, I think it is fair to say that many attorney/CPAs did not initially intend to obtain both credentials. For many attorney/CPAs, the process involved a progression from working first as a CPA before deciding to enhance their own professional development and the level of service they could provide to their clients by becoming an attorney as well. For example, intheareaof taxation, theCPA may expand services beyond tax return preparation to more sophisticated tax, business and/or estate planning, as well as representation of clients in tax controversies and litigation in state and/or federal courts. Although CPAs may represent clients in certain matters before the IRS and DOR, if litigation in state or federal court is required, at that point, usually
an attorney would be required to represent the client further. Additionally, in the tax planning and litigation arenas, enhancement of client service can apply in the area of the privilege that extends to communications with clients. Although Florida has a CPA/ client communications privilege, this statutory privilege has certain limitations that do not apply to the long-standing attorney/client privilege. See, e.g., Hayes v. U.S., 407 F. 2d 189, 192 (5th Cir. 1969). There are other scenarios, however, where attorney/CPAs undertake to practice both professions at the same time, and, sometimes, maintain separate entities, offices and procedures for practicing the two professions. Some dual professionals employ the dual practice structure to maintain a separation between a tax preparation/tax compliance practice, where certain privileges may not apply, from a more traditional law practice, where such privileges might be intended to have full application. Although practicing both professions side by side can present some ethical and other challenges, it has been done successfully by a number of attorney/ CPAs around the country. I have met a number of these dual professionals through my involvement in the American Academy of Attorney- Certified Public Accountants (AAA- CPA). The AAA-CPA was founded over 50 years ago and is “committed to safeguarding the right of the public to access the unique expertise of professionals who are or have been dually qualified as Attorneys and Certified Public Accountants.” CONTINUED ON PAGE 31
Introduction I am writing this article because the editor suggested that a discussion concerning one professional being both an attorney and certified public accountant (CPA) might be “interesting” to the readers. As an attorney/CPA for over 20 years, I was skeptical of the editor’s suggestion, so I looked up the definition of “interesting” and compared it to what I knew about the topic. I found the definition of the word (“holding the attention”) too broad for me to honestly refute the AFloridaCPAcandidatemustcomplete at least 150 hours of undergraduate and graduate coursework with a concentration in accounting and business, including the attainment of at least a baccalaureate degree from an accredited college or university. Many Florida CPAs, however, have also attained a graduate degree as part of completing the coursework that is required to obtain a CPA license in Florida. editor’s suggestion. CPA Requirements Florida CPA candidates also must pass the Uniform CPA Examination, which is administered by the American Institute of Certified Public Accountants and is composed of four sections: (1) Auditing and Attestation, (2) Business
September 2020 Vol. 192
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