Income and tax shielding could land your firm in serious trouble and you may be doing it without even realizing. When invoices aren’t paid from trust retainers in a timely manner or if they’re not generated fast enough, it could be seen as delaying income. Avoid commingled funds and create an efficient process for tracking and transferring from trust accounts to the general account to prevent inadvertent income shielding. Learn more about Advanced Trust Accounting Challenges for Law Firms.
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