Unreimbursed partnership expenses revisited

Posted Leave a commentPosted in Accounting, Employee Benefits, Law firm, Small Business, Tax Planning

The Tax Cuts and Jobs Act triggers changes to the tax treatment of unreimbursed partnership expenses for 2018. Partnerships should revisit their policies to ensure that partners and employees maximize tax savings under the new law. Under former law a partner could deduct the expenses of the partnership on his or her individual income tax […]

Law firm productivity: the missing six hours

Posted Leave a commentPosted in Accounting, Law firm, Small Business

How to boost law firm productivity Industry results are consistent with last year The nation’s law firms share the same business productivity problems as I have observed and written about in small accounting practices like mine, according to industry data compiled by Clio1. The findings are substantially the same as a similar report in 2016. […]

My 2017 in two short paragraphs

Posted Leave a commentPosted in aquaculture, Health and wellness, Investment, Law firm, Leadership, nonprofit, Values

The two big personal stories for me in 2017: #1 – Stress Handled I became stressed by the lack of respect for fact, truth, science, logic, law and education expressed in our everyday lives. I became stressed by the observation that other people abandoned traditional core values of charity, sharing, open doors, open borders, nondiscrimination, […]

Accounting firm of the future

Posted Leave a commentPosted in Accounting, Law firm, QuckBooks

The small business accountant of the future will not provide bookkeeping services but will help business owners set up their bookkeeping to operate mostly automatically. The small business accountant of the future will not prepare tax returns but will ensure that tax reporting is completed and submitted automatically. THE FUTURE IS NOW for small firms […]

Online Security 2018

Posted Leave a commentPosted in Law firm, Security, Small Business, Social Media

Each of us is entitled to have unusual hobbies or interests without having any particular reason to justify it. Such has been the case with me and my interest in digital and online security. I’ve published a string of articles on this blog and other web sites, including the NJCPA online forum, on this topic. […]

Lawyers’ trust accounting in QuickBooks Online

Posted Leave a commentPosted in Accounting, Law firm

The procedure for setting up a lawyer’s trust account in QuickBooks Online (QBO) is similar to other version of QuickBooks or other brand accounting software. But since QBO is the newest and fastest growing platform, this post with modified instructions from Intuit details the process step by step. This blog post does not address the […]

When business expenses are not deductible

Posted Leave a commentPosted in Law firm, Legal, Tax Planning, Taxes

A general principle of tax accounting is that we deduct ordinary and necessary business expenses from our gross income before reporting the net taxable income. However, this is not always the case. In some cases it is necessary to modify your tax accounting to comply with specific tax laws – even sometimes when the tax […]

Law firm trust accounting overview

Posted Leave a commentPosted in Accounting, Banking, Law firm, Legal

This post is meant for non-lawyers and people who want a general understanding of the topic. Lawyers should rely on more specific sources including their state bar associations. Rules vary by state and jurisdiction. These are just general principles. Client funds that are not earned legal fees must be kept in separate accounts and not commingled […]