THE LATEST DEVELOPMENTS IN LAW FIRM ACCOUNTING

Lawyer Accountant Brooklyn
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Attorneys Audit Technique Guide

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.
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Accountant For Lawyers NY
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Attorney Fee Tax Deferral Guidance From The IRS

On December 16, 2022, the IRS issued a non-precedential 25-page Generic Legal Advice Memorandum ("GLAM") offering guidance on attorney fee tax deferral.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…
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Law Firm Accounting Services Brooklyn
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Accounting Implications of Lawyers Working Remotely

"The future of work is remote, and the future of remote work is flexible." -Sara Sutton, Founder & CEO of FlexJobs What are the accounting implications of lawyers working remotely? According to McKinsey, in 2022, 58% Americans reported…
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Law Office Accounting NY
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NYSBA Opinion 1246: Partnerships With Non-U.S. Lawyers

The New York State Bar Association (NYSBA) has recently issued Opinion 1246 addressing the issue of lawyer and non-lawyer partnership. Generally, a lawyer cannot form a partnership with a non-lawyer if any of the activities of the partnership…
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Accounting Services For Lawyers Brooklyn
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Elevating Your Law Firm’s Financial Performance: The Power of Budgeting and Forecasting

"The best way to predict the future is to create it." - Abraham Lincoln Budgeting + Forecasting = A Winning Formula for Law Firm Success Forecasting a budget allows a law firm to anticipate future expenses and revenues, and to make…
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Law Firm Accounting Services NY
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Selecting the Right Law Practice Management Software for Your Firm.

"It's not the tools you have faith in. Tools are just tools. They work, or they don't work. It's the people you have faith in or not." -Steve Jobs The Formula For Selecting The Optimal Law Practice Management Software. When it comes…
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Lawyer And Accountant Brooklyn
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Maximizing Efficiency and Compliance: Navigating Common Accounting Challenges for Lawyers and Law Firms

"The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing." - Jean-Baptiste Colbert Like taxation, accounting can be a delicate balancing act…
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Law Office Accounting NY
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Top 10 Law Firm Tax Deductions

"The only certain thing in life is death and taxes." - Benjamin Franklin An Evolving Tax Code What are the top 10 law firm tax deductions and how can they impact your business? We are here to answer these questions. The history of tax…
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Law Firm Tax Planning NY
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Accounting Best Practices for Lawyers: Lessons Learned from a Former Portland Attorney’s Embezzlement Case

In this edition of Accounting Best Practices for Lawyers, we examine a recent embezzlement case out of Portland involving an attorney's escrow theft. Former Portland Attorney Sentenced to More Than Eight Years in Federal Prison for Embezzling…
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Law Ledgers is an accounting firm providing full-charge tax and bookkeeping services to New York lawyers and law firms.  Our work focuses on meeting the unique needs of the legal profession, assuring compliance with the stringent record-keeping and reporting requirements of doing business and paying taxes in New York while also maximizing profits. To learn more, call us at 1 (929) 327-7711, or contact us by e-mail for general inquiries at staff@lawledgers.com.