Attorneys are experts at setting up entities in order to ensure maximum legal protection and asset protection. We take the entity formation one step further in order to factor in tax savings and reduced audit risk in order to help the attorneys we work with save an average of $6,588 each year in tax while enjoying an audit risk that is approximately nine times lower than it was before they hired us.
Some other nuances in the legal profession that require special accounting and tax treatment include escrow account analysis, properly accounting for file disbursements and client disbursements, and payments to outside attorneys. Here at Michels & Hanley, we are intimately familiar with these elements and are equipped to help your law firm reduce their annual tax bills.
Contact us today to find out how we can help you and your law firm.
Michael Hanley, CPA
Brian Michels, CPA