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We work with many of the leading practices in the country, and have a lot of experience in assessing legal firms’ tax reporting and compliance processes as well as offering creative solutions to tax issues. Our tax services team handles both compliance and planning services for legal firms so as to leverage information gathering and identify tax planning opportunities. This structure is designed to increase efficiency and provide quick responses to client enquiries - often resulting in "one-phone-call" solutions or early identification of more complex issues requiring careful analysis and management.
Issues frequently needing to be addressed, particularly on the admission or retirement of partners, include:
- Partners’ capital accounts,
- Goodwill,
- Capital allowances on partnership assets,
- The different tax implications of salaried partners, equity partners and consultants, and
- Pension arrangements.
Other issues often arising include:
- Potential pitfalls for legal firms in relation to VAT and PAYE/PRSI,
- The tax consequences of doing business in or with other jurisdictions,
- The implications of acquiring or merging with other practices,
- Business development and client entertainment expenditure, and
- The valuation and tax implications of work-in-progress adjustments.
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