Holding Accountants Accountable for Costly Errors and Negligence

Accountants and CPAs play a crucial role in managing business finances, taxes, and compliance. When they make mistakes—or act unethically—the financial harm can be significant. At Calvert Law Firm, we represent clients across Oklahoma who have suffered losses due to accounting malpractice. Our attorneys know how to prove negligence, uncover hidden errors, and pursue full compensation for the damage caused.

What Is Accounting Malpractice?

Accounting malpractice happens when an accountant, bookkeeper, or CPA fails to meet the standards expected in their profession, resulting in harm to a client. This can include:

• Negligent tax preparation (errors leading to audits, fines, or overpayment)
• Misstatement or omission in financial reports
• Failure to detect or disclose fraud, embezzlement, or theft
• Inaccurate business valuations or misapplied accounting rules
• Breaching fiduciary duties (acting in their own interest, not the client’s)
• Improper or unauthorized use of client funds
• Negligent investment or financial advice
• Failure to follow Generally Accepted Accounting Principles (GAAP)

Not every financial loss is malpractice. The key is showing the accountant’s conduct fell below the accepted standard of care in the industry.

Common Examples of Accounting Malpractice

• Filing tax returns with major errors or omissions
• Failing to advise about critical deadlines, deductions, or tax-saving opportunities
• Overlooking or ignoring clear signs of fraud or theft in company books
• Preparing inaccurate financial statements used in business deals or loans
• Misclassifying expenses or revenues, leading to regulatory penalties
• Providing advice that results in IRS audits or investigations
• Failing to maintain proper records, resulting in fines or business losses

How Calvert Law Firm Pursues Accounting Malpractice Claims

• Detailed File Review: We examine all documents, returns, emails, and financial statements to identify where things went wrong.
• Expert Partnerships: We work with forensic accountants and tax experts to determine the scope of the errors and losses.
• Comprehensive Damages Calculation: We assess not just the immediate losses, but the long-term impact on your business, taxes, and reputation.
• Aggressive Negotiation: We push for full settlements from insurers or prepare to go to trial.
• No Fee Unless We Win: You owe us nothing unless we recover compensation for you.

Damages Available in Accounting Malpractice Cases

Depending on your case, you may recover:

• Direct financial losses caused by errors or negligence
• IRS penalties, fines, and interest resulting from mistakes
• Lost business opportunities, contracts, or deals
• The cost of correcting financial statements or tax returns
• Reputational harm and lost clients
• Attorneys’ fees and litigation costs
• Punitive damages (for fraud or intentional misconduct)

Frequently Asked Questions

How do I prove accounting malpractice?
You must show that the accountant owed you a duty, breached that duty through negligence or misconduct, and caused you financial harm.

Can I sue my accountant for a tax mistake?
Yes, if their error fell below professional standards and caused you loss.

Is there a deadline to file a claim?
Yes, generally two years in Oklahoma, but consult an attorney quickly to protect your rights.

What documents should I keep?
All tax returns, financial statements, correspondence, invoices, and any evidence of loss or harm.

Contact Calvert Law Firm Today

If you’ve suffered financial harm due to an accountant’s error or negligence, contact Calvert Law Firm for a free consultation. We’ll review your case, explain your options, and fight to recover the compensation you deserve.