Elvis Presley is famous for saying, “I have no use for bodyguards, but I have very specific use for two highly trained certified public accountants.” Based on my experience, most lawyers would say the same thing. And with me, the “very specific use” has been damage calculations and analyses of financial condition.
Damage calculations can entail many things. They can involve calculating the lost profits and loss of future profits resulting from the improper denial of an insurance claim. They can be the determination of amounts overpaid by property owners because of collusion in the public auction of property taxes. They can entail calculating the lost earning capacity and lost household services resulting from personal injury or wrongful death. These three examples are very specific calculations in which the technical knowledge and expertise of a CPA can be vital to presenting a winning argument.
Accountants also are often used in the evaluation of financial condition. Most recently, I saw this in a case where a personal residence had burned down, and Wipfli looked at documents such as tax returns, W2s, and utility bills to determine whether there was a potential motive for arson. Physical damage can be inconclusive in proving arson, but a comprehensive analysis of the financial condition leading up to the fire can be invaluable in a litigation context.
In these scenarios, a CPA can be more important than any bodyguard. Contact us to learn more about how Wipfli can help you prepare damage calculations and financial condition analyses in these and similar circumstances.