In today's complex tax landscape, understanding the historical foundations of our federal tax system is crucial for both businesses and individuals. The Sixteenth Amendment, while over a century old, continues to shape modern tax policy and significantly impacts how businesses and individuals are
Handling the Tax Implications of Retainers for Law Firms
Let's be real - as a lawyer, crunching numbers and keeping tabs on the financial side of your practice probably isn't why you went to law school. But proper legal accounting? That's non-negotiable if you want to stay in business and out of hot water. Pay close attention because effectively managing
Law Firm Bookkeeping
Running a successful law firm goes beyond just winning cases. Just like any other business, law firms require meticulous financial management to ensure smooth operations and growth. We understand the unique challenges law firms face when it comes to bookkeeping. That's why we offer a comprehensive
What Is An Unconscionable Transaction?
Imagine this nightmare scenario: you land a new client, celebrate the win, then get hit with a lawsuit claiming your contract is "unconscionable." Suddenly, that client relationship feels more like a legal battle. Unconscionable Contracts Explained An unconscionable contract is a fancy legal
Why Your Law Firm Needs an Accountant Who Speaks Lawyer
Between managing complex cases, keeping clients happy, and staying ahead of the legal curve, the last thing you need is another headache – namely, your finances. Here's where a specialized law firm accountant steps in, becoming a game-changer for your firm's success. Law firms present a unique
Towne v Eisner & the Definition of Income
Today, many of us take for granted agreed upon terms, but there's usually an arduous road to establishing their definition. With the internet in particular, "privacy" has taken on myriad new meanings that need to be explored and defined. As recently as 2021, websites in the US need to announce their
Do Not Undervalue Tech For Your Law Firm
There are some small to mid-sized law firms that make the mistake of believing that improved technology will not benefit their practice. Consequently, they and their staff spend valuable time caught in outdated processes that should have been automated months or even years ago. Increasing
A Basic Introduction to Reverse Section 1031 Tax Deferred Exchanges
Here on HTW, we’ve spent considerable time and effort exploring the complexities of Section 1031 tax deferred exchanges. And this is for good reason: if performed correctly, a 1031 like-kind exchange can be an extremely useful wealth maximization tool. Like-kind exchanges not only allow taxpayers to