Tax Planning Complexities
Join us as we unpack the ever-evolving world of tax and regulatory changes—specifically for attorneys and law firms.
Tune in as they explore key tax planning strategies for law firms, including:
Payroll taxes and reasonable compensation for attorneys
Retirement plan considerations and how to choose the right one
The benefits and challenges of transitioning from LLC to S Corp
Why bookkeeping firms play a crucial role in proactive tax planning
Managing advanced client costs and staying compliant
Improving law firm cash flow management through strategic decisions
Whether you're an attorney running your own practice or a financial professional supporting law firms, this episode offers actionable insights to help you stay ahead of the curve.
Subscribe and listen in to strengthen your firm’s financial foundation and future-proof your strategy.
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00:33 Discussing Tax and Regulatory Changes
02:35 Payroll Taxes and Reasonable Salary
06:01 Entity Structure and Tax Implications
09:50 Client Communication and Involvement
10:35 Advisory Role and Tax Planning
13:52 Quarterly Estimates and Compliance
14:43 Starting the Conversation: Tax Returns and Action Items
14:54 Challenges in Obtaining Tax Returns
15:21 Educating Clients on Financial Matters
15:55 Respect and Appreciation in the Financial Profession
17:11 The Role of Tax Professionals and CPAs
18:29 Tailored Tax Services and Recommendations
19:19 Cost Receivables in Law Firm Books
22:24 Advanced Client Costs and Accounting Methods
27:11 The Impact of Bad Financial Advice on Social Media
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Accountants Law Pod is hosted by Lynda Artesani, Sarah Prevost, and Steve Libhart and directed/produced by Teaira Burge and The Proper Trust. Music by ComaStudio from Pixabay - Edited by audiovideo_uk
Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.