Terms of Engagement

1. Scope of Services

Biscayne Bay Advisory ("BBA," "we," "us," or "our") provides tax advisory, tax preparation, bookkeeping, and accounting services as described in your individual engagement letter. The specific scope, deliverables, timeline, and fees for each engagement are defined in the engagement letter executed between BBA and the client prior to the commencement of work.

These Terms of Engagement apply generally to all client relationships with BBA. In the event of a conflict between these Terms and the provisions of a signed engagement letter, the engagement letter governs.

2. Engagement Structure

All engagements are scoped and quoted at a flat fee before work begins. The fee is stated in your engagement letter and covers the services described therein. Additional services beyond the original scope require a separate agreement or an amendment to the existing engagement letter.

BBA does not bill on an hourly basis. If the scope of an engagement changes materially after commencement, we will notify you promptly and provide a revised fee estimate before proceeding with additional work.

3. Client Responsibilities

Clients are responsible for:

• Providing complete, accurate, and timely information and documentation necessary for the engagement
• Responding to requests for information within a reasonable timeframe to avoid delays
• Reviewing all deliverables, including tax returns, and confirming their accuracy before filing
• Disclosing all relevant facts, accounts, entities, and transactions that may affect the engagement, including foreign accounts, foreign entities, and cross-border activities
• Notifying BBA of any changes in circumstances that may affect the work (e.g., change in tax residency, acquisition or disposition of assets, immigration status changes)

BBA relies on the information you provide. We are not responsible for errors or omissions resulting from incomplete or inaccurate information furnished by the client.

4. Confidentiality

All information shared with BBA in the course of an engagement is treated as confidential. We do not disclose client information to third parties except as required to fulfill the engagement (e.g., filing with tax authorities), as required by law, or with your express written consent. Our full data handling practices are described in our Privacy Policy.

5. Professional Standards

All services are performed in accordance with applicable professional standards, including:

• IRS Circular 230 — Regulations Governing Practice Before the Internal Revenue Service
• AICPA Statements on Standards for Tax Services (SSTS)
• Applicable state board of accountancy rules and licensing requirements

Tax returns are prepared based on information provided by the client. BBA exercises professional judgment in applying the tax law to your facts and circumstances, but does not guarantee any particular tax outcome. Tax positions are taken in good faith and supported by applicable authority.

6. Limitations of Engagement

Unless specifically included in the scope of your engagement letter:

• BBA does not provide legal advice. Tax advisory services are not a substitute for legal counsel.
• BBA does not provide investment advice or financial planning services.
• BBA does not audit or verify the accuracy of financial information provided by clients.
• BBA is not responsible for monitoring changes in tax law after the delivery of an engagement's final work product, unless an ongoing monitoring engagement is in place.

Clients are encouraged to consult with their legal, investment, and insurance advisors as appropriate. BBA is not responsible for advice or services provided by other professionals.

7. Fees & Payment

Fees are as stated in your engagement letter. Payment terms are as follows unless otherwise specified:

• An initial retainer or deposit may be required before work commences, as specified in the engagement letter
• Invoices are due upon receipt unless a different schedule is agreed in writing
• For multi-phase engagements, invoicing may be structured by milestone or deliverable

BBA reserves the right to suspend work on any engagement for which payment is materially past due, after providing written notice.

8. Referral Relationships

BBA may be introduced to clients through professional referral relationships with immigration attorneys, real estate professionals, financial advisors, and other CPAs. BBA does not pay referral fees, and referral relationships do not create any obligation or influence over the professional advice we provide. All advisory work is conducted independently and in the client's best interest.

9. Termination

Either party may terminate an engagement with thirty (30) days' written notice. Upon termination:

• Fees for services rendered through the termination date are due and payable
• BBA will return all original client documents within thirty (30) days
• BBA will retain copies of work product and supporting documentation in accordance with professional retention requirements (minimum seven years)

10. Limitation of Liability

BBA's liability for any claim arising from an engagement is limited to the fees paid by the client for the specific engagement giving rise to the claim. BBA is not liable for any consequential, incidental, or indirect damages, including penalties or interest assessed by tax authorities, except to the extent directly caused by BBA's gross negligence or willful misconduct.

11. Dispute Resolution

Any disputes arising from or related to an engagement will be resolved first through good-faith negotiation between the parties. If negotiation is unsuccessful within thirty (30) days, disputes will be submitted to binding arbitration in Miami-Dade County, Florida, under the rules of the American Arbitration Association. The prevailing party may recover reasonable attorneys' fees.

12. Governing Law

These Terms of Engagement are governed by the laws of the State of Florida, without regard to conflict of laws principles.

13. Amendments

BBA may update these Terms from time to time. Updated terms will be posted on this page with a revised effective date. For active engagements, material changes will be communicated directly to the client.

14. Contact Information

If you have questions about these Terms, please contact:

Biscayne Bay Advisory
Email: email us
Miami, Florida