Tag Archive for: practice management

Law Firm Escrow Brooklyn
,

Can A Lawyer Delegate The Authority To Sign Escrow Checks?

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…
Law Firm Accounting
,

Zero Trust Law Firm Accounting

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…
Tax Accountant Lawyer Brooklyn
,

The PLLC Publication Requirement

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…
Cpa Lawyer Brooklyn
,

SCOTUS: Lawyers can only be overtime-exempt if paid a true salary.

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"…
Accounting Services For Lawyers
,

Maximizing Tax Benefits For Lawyers: 2023 Developments in Tax Law

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…
Lawyer Accountant Brooklyn
,

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.
Accountant For Lawyers NY
,

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On December 16, 2022, the IRS issued a non-precedential 25-page Generic Legal Advice Memorandum ("GLAM") offering guidance on attorney fee tax deferral.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

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…
Law Office Accounting NY
,

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…