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Business litigation relies heavily upon the expertise of certified public accountants. Attorneys rarely have the time or experience to wade through mountains of financial data for business valuations, which is why the assistance of a CPA is often crucial. Cases are won or lost for the thorough, or lack of, critical financial documents pertaining to the party or parties in question.
One of the first steps attorneys take is to make a request for the production of documents relevant to issues in the case. According to John McAteer, CPA and partner in charge of litigation support services at Holtz Rubenstein & Co (Melville), attorneys should seek tax returns from the last five years, as well as other significant documents related to the questioned time period. These will offer a sound financial picture of the business -- in both good or bad times," he said. The returns will indicate whether business earnings have grown, declined, or stayed constant, as well as provide a demonstrable pattern of expenses and perquisites." The information will also help attorneys determine if there has been any attempt...