Trust Account Bookkeeping Basics
If your firm holds trust accounts for clients, you are bound by state regulations and must follow stringent rules. Maintaining compliance is an on-going concern. After all, even an inadvertent misstep can put your professional license at risk. A few simple bookkeeping basics will help ensure that your trust accounts are always in compliance.
Add comment May 14, 2009
1099 S Reporting
1099-S Reporting – Make it Easy on Yourself
When it’s time for tax return preparation and 1099-S reporting each January, does your firm struggle with the same time-consuming, manual process year in and year out? If you answered, “Yes” then you’ll want to learn about hassle-free 1099-S and 1096 Summary reporting. Find out how to complete your 1099-S filing and reporting responsibilities as soon a real estate closing is executed.
Add comment May 13, 2009
The IRS Third Party in Every Divorce Settlement
Most couples never envision divorce. When a marriage fails, the battle begins. Each party focuses largely on the income they will have in the end. It takes skilled legal and financial advice to arrive at a tax-optimized divorce settlement, especially with the IRS as a third party.
As a lawyer, you’ll need to find the right balance between alimony, child support payments, and other tax factors that affect a client’s and spouse’s gross income. Find out how you can make on-the-spot calculations that demonstrate financial mastery, convert prospects to clients and reach the desired equilibrium in divorce settlements.
Add comment May 12, 2009
Legal time and billing software – a must have
Like any successful commercial enterprise, maintaining a well-run law firm depends on cash flow management. Inventory levels (unbilled legal services), account receivables (billed, but unpaid legal invoices) and cash on hand (paid amounts) are all part of the picture. For small law firms and sole practitioners, a simple and efficient tool for time tracking and accounting is not optional. Find out why client’s legal time and billing software is a “must have” for your practice.
Add comment May 11, 2009
Trust Fund Accounting Dos and Donts
To maintain escrow or trust accounts that comply with state regulations, you must follow strict trust accounting rules. Yes, client trust account management is typically dull, and it’s tempting to assign the clerical work to somebody else in the office. While you may entertain the thought, it’s important to remember, office staff doesn’t get disbarred, lawyers do! Find out how easy it is to ensure that your trust accounts are always ready for an audit.
Add comment May 8, 2009
Preparing HUD Settlement Statements
Preparing HUD Settlement Statements – How HUD Templates Boost Profitability
It’s no secret. Real estate closing documentation is time-consuming; the longer it takes, the less profitable your service is.
The flat rate nature of real estate closings and volume of documents required, keep margins low, yet real estate transactions bring clients into other profitable legal services. To succeed in the low margin sector, you need high volume or must run your business very efficiently. Learn a few simple techniques you can start using now.
Add comment May 7, 2009
