Profit and loss reports, balance sheets, and trust summaries are delivered under your firm’s brand. Variances are clearly documented for management review. Law firms can face severe penalties for trust accounting mistakes. Regulatory bodies can impose fines, suspensions, or even disbarment for serious violations. Financial records are organized throughout the year to support smooth tax Bookkeeping for Law Firms filing. …

A Limited Liability Partnership is a form of partnership where all or some of the partners have liability limited to their capital contribution. No personal property of such partners can be used for paying off the liabilities of the firm. In simple, we can understand, a Limited Liability Partnership as a hybrid of a partnership and a company. However, the …

Since depreciation and amortization are non-cash expenses, both are added back to net income on the cash flow statement (the expense on the cash flow statement is usually a positive number for this reason). Because of these adjustments, EBITDA helps analysts compare profitability across companies with different capital structures or tax strategies. Critics — such as Warren Buffett — caution …

Form 1099-NEC is used to report payments of $600 or more to independent contractors like freelance paralegals, expert witnesses, or investigators who are not your employees. In addition to keeping clear records, your State Bar will also ask you to run regular reconciliation, and in particular, regular three-way reconciliation. I was referred to Max by a friend who is also …