|Proposal to require accrual method of accounting could yield challenges: Six questions to help identify next steps
Executives from larger law firms may have some tough decisions to make regarding Congressional proposals that have the potential to fundamentally shift how their firms report taxable income to the Internal Revenue Service (IRS). Under the proposals, the cash method of accounting for US tax purposes would be limited to taxpayers generally with gross receipts of $10,000,000 or less. The result is that many law firms may no longer qualify for the favorable cash method of accounting and could be required to shift to the accrual method of accounting.
|Congressional Proposals Requiring Law Firms to Report Taxable Income on the Accrual Method of Accounting
The proposals in Congress could fundamentally shift how many large law firms must report their taxable income for US federal income tax purposes. Two similar proposals have been introduced that would mandate that certain qualified professional service firms (which encompass law firms) change their overall method of accounting from cash to accrual in order to determine taxable income. Under the proposals, the cash method of accounting would be limited to taxpayers with gross receipts of $10,000,000 or less (inflation adjusted) using an average annual gross receipts test over a three taxable-year period.
|PwC's Law Firm Services Global Forum 2013 Executive Summary
This year’s PwC Third Annual Law Firm Services Global Forum gathered leading law firm executives and partners from across the United States and the world to discuss the top issues facing multinational firms today. Over two days, PwC held more than three dozen courses on 30 topics that included the nuances of operating in specific countries, retirement planning, state issues and risk management.
|Safeguarding your firm from cyber attacks, Law Firm Services
Cyber attacks against law firms are on the rise. For international law firms, the greatest threat comes from well-funded hackers seeking information on clients' pending deals and litigation. To protect their data and reputation, law firms need to make sure their cyber defenses keep pace with ever-evolving threats.
|Law firm accounting and financial management, fifth edition
The Fifth Edition includes in-depth analysis of accounting, tax and financial management, international tax, and outsourcing issues that will allow your firm to compete in today's global legal market. This book is an ideal reference for every professional responsible for managing a law firm of any size. Your purchase price includes the cost of all previous updates and any updates that may be issued within three months of your order.
|Tax News Alerts
As part of our service to clients, we provide tax-related technical updates on current issues through periodic law firm news alerts. These updates are meant to highlight new legislation and tax law changes in jurisdictions around the globe, discuss relevant tax cases, analyze revenue rulings or procedures and offer insight on how all these developments may impact law firms and/or their partners.