Accounting Services for Law Firms
We are here to help you with all of the bookkeeping and accounting that you no long have time for. And finding qualified personnel for these tasks is near impossible. We will work with you to make sure that your books and records are current and up to date. We will reconcile your operating account and all of your client trust accounts as well. Finally, we will reconcile your credit cards. Then, we will provide you with monthly financial reports that you can use for decision making and budgeting. Typically, we work with QuickBooks, but, any accounting software will do.
Tax Planning and Preparation
In addition to accounting services for law firms. We are experienced with law firm tax planning and law firm tax preparation. We will make sure that you know the tax benefits of contributing to a retirement plan. also, we will also make sure that you are taking advantage of all of your tax deductions. We will also look at your case costs, to be sure they are treated properly for income tax purposes.
Case Costs
Most agreements with law firms and their clients stipulate that case costs are advances or loans, that are to be repaid at a later date. Therefore, cast law supports these expenses as advances and not deductible until the expenses have been reimbursed. Typically, this occurs when the case is settled. Law firm case costs are not an issues if the case is started and completed in the same fiscal year. However, this is not the case when the case is opened year 1 and settled in a year 2. This can result in cash expended in year 1 being greater than what is allowable to be deducted according to the IRS that year.
Reconciling of IOLTA / Client Trust Account
Most firms just request that we reconcile the IOLTA or client trust account. Some law offices request for us to reconcile each case that goes through the trust account. They request that we make sure everyone got paid and reimbursed properly. This service is available; however, you fee for service will be based on the complexity of the agreements that are made with the client.
Gabrielle: Your Go-To Law Firm Accounting and Support
Gabrielle is available to discuss your law firms needs and to help. Please click here to learn more about her and get in touch.
You can reach Gabrielle either by phone (734) 354-2380 ext. 111 or by email at gcilidano@schultz-cpa.com