Tag Archive for: tax
Navigating Tax Deductions for Law Firms
Tax planning is an essential aspect of managing your law firm's finances. By understanding and taking advantage of available tax deductions, you can minimize your tax liability and maximize your firm's financial health. In this blog post, we'll…
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…
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.
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On December 16, 2022, the IRS issued a non-precedential 25-page Generic Legal Advice Memorandum ("GLAM") offering guidance on attorney fee tax deferral.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…
Supreme Court Debates Limits of Attorney-Client Privilege in Bitcoin Tax Return Accounting Case
In a case involving tax advice, the U.S. Supreme Court debated on the limits of the attorney-client privilege. The case, In re Grand Jury, involved a criminal investigation of an early promoter of Bitcoin who expatriated from the US in early…
Attorney’s Tax Misconduct Results In Multi-Year Suspension.
In a case addressing an attorney's tax misconduct, Matter of Seedorf, the Appellate Division disciplined an attorney based upon a federal conviction for tax evasion. The attorney admitted that from 2009 to 2019, he intentionally evaded payment…
Are Associate Bonuses “Wages”?
A Brief History Of Associate Bonuses
The history of bonus payments to associates at law firms is a tale of ups and downs, twists and turns, and a whole lot of debate. It began in the 1980s, when a select few elite law firms started doling…
Navigating the Complex World of Law Firm Tax Regulations: How Lawyers Are Adapting to an Evolving Landscape
The Tax Cuts and Jobs Act of 2017, which brought about a host of changes that have affected lawyers in a number of ways.