Legal Services & Law Firms
Accounting That Understands How Law Firms Work
From IOLTA trust account compliance to partner K-1 distributions and contingency fee income, Smart Tax Group brings specialized expertise to legal practice finances.
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The Financial Challenges You Face
We understand the specific accounting and tax issues that affect legal services & law firms — and we know how to solve them.
Trust Account Compliance
IOLTA and client trust accounts require meticulous record-keeping that is completely separate from operating funds — errors carry serious professional consequences.
Partner & Associate Compensation
Law firm compensation structures — draws, guaranteed payments, profit distributions — require careful tax planning to minimize partner tax liability.
Contingency Fee Income Timing
Contingency fees create lumpy, unpredictable income. Proper planning around receipt timing can significantly reduce your effective tax rate.
Overhead and Cost Allocation
Accurately tracking and allocating overhead across practice areas and partners is essential for both profitability analysis and tax reporting.
What We Do for Legal Services & Law Firms
Law firms and solo attorneys need accountants who understand trust accounting, partner distributions, and the unique tax treatment of legal fee income.
View all servicesServices included
- Partnership and LLC tax returns (Form 1065)
- Solo practitioner returns (Schedule C / S-Corp)
- Trust account bookkeeping and reconciliation
- Partner K-1 preparation and distribution planning
- Quarterly tax planning and estimated payments
- Payroll for associates and staff
Let us handle the numbers while you handle your clients.
Schedule a free consultation and get a flat-fee quote tailored to your business.