According to the "Vintage" singer, the accounting firm Executive Monetary Management allegedly took millions from his associated companies during their business dealings together, the New York Post reported Sunday.
Bolton's litigation has prompted an immediate legal response from the accounting firm, which filed its own counter-suit in Manhattan Supreme Court last month.
The accounting firm's lawsuit alleges the famed songwriter, who it had worked with since 1999, Bolton has been a deadbeat and accumulated debts to the firm totaling $500,000.
The firm's suit alleges that debt dates back to 2005, the Post reported.
Ron Burgundy interviews Peyton Manning on SportsCenter
Martin Bashir resigns from MSNBC over Sarah Palin comments