Category: Law firm
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My 2017 in two short paragraphs
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,…
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Accounting firm of the future
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…
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Step by step: Lawyers’ trust accounting in QuickBooks Online
Remote accounting and compliance support is available for ongoing or occasionally as needed. Use the “Let’s Talk” button to plan time to share your concerns. The procedure for setting up a lawyer’s trust account in QuickBooks Online (QBO) is similar to other versions of QuickBooks or other brand accounting software. But since QBO is the…
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When business expenses are not deductible
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…
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Law firm trust accounting overview
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…