Mr. Gormakh is a highly qualified accounting professional with over 20 years of experience providing full-charge bookkeeping, incorporation, payroll, and tax preparation services to clients in New York. Over the years, he has assisted lawyers and law firms in connection with general bookkeeping matters, reconstruction of escrow and operating account records, grievance committee audits, and various tax issues.
The legal community is not immune to the ever-present threat of fraud, and lawyers must remain vigilant in identifying and avoiding transactions that may involve counterfeit checks. This is the key message of the 2021 Formal Ethics Opinion 2 from the North Carolina State Bar, which discussed a lawyer’s professional responsibility to safeguard entrusted funds. […]
The question of whether an attorney is permitted to delegate the responsibility of signing escrow checks to a bookkeeper is a complex one. On one hand, attorneys have a professional obligation to ensure that they exercise due diligence and maintain a high standard of care when it comes to the management of client funds. On […]
The traditional approach to security in law firms, where perimeter defenses such as firewalls and antivirus software are used, is no longer enough to protect against the ever-evolving threat landscape. “Zero trust” is quickly becoming a buzzword among large New York law firms. The idea behind the cutting-edge technological infrastructure is to enhance security measures […]
New York’s PLLC publication requirement is a relic from a bygone era when newspaper ads and announcements were the only way to ensure that the public had notice of new companies setting up shop. But despite the changes in technology and the decline of newspaper readership, the requirement remains law for newly-formed Professional Limited Liability […]
A common question that befuddles New York attorneys is what exactly is the difference between an escrow account and an “IOLA”? New York attorneys are often entrusted with managing client funds, such as settlement proceeds, that are held in trust. There are two common types of accounts used for this purpose: an Interest on Lawyer […]
In Helix Energy Solutions Group, Inc., et al. v. Hewitt, the Supreme Court held that high-earning professionals such as lawyers can only be overtime-exempt if paid a salary. The question of whether a high-earning employee works on a “salary” depends on whether the employee’s “paycheck is based solely on a daily rate — so that […]
With the multitude of recent changes in tax laws and regulations, it is more essential than ever for lawyers to stay informed and proactive in their tax planning strategies in order to have any chance at maximizing tax benefits. From choosing the right business entity to deducting business expenses and retirement planning, there are many […]
The Attorneys Audit Technique Guide is a comprehensive resource from the IRS that provides a detailed overview of the audit process for lawyers – and, in our view, required reading for every attorney. It covers everything from what to expect during an audit to what information the IRS may request.
On December 16, 2022, the IRS issued a non-precedential 25-page Generic Legal Advice Memorandum (“GLAM”) offering guidance on attorney fee tax deferral. The Memorandum opines that where the opposing party’s insurance company sends the portion of the settlement representing the law firm’s fee to the third party, the law firm must include the fee in […]
Please note that the information provided on this website is for general informational purposes only and is not intended to provide legal, financial, or tax advice. Your use of this website does not create a client relationship with us, and we are not responsible for any reliance you may place on the information provided.