Attorneys & law firms can run into trouble when they try to treat all costs the same. Depending on which case types are being practiced, your accountant will advise you to identify case costs as either “Advanced Client Costs” or “Reimbursable Client Costs”. Failure to accurately differentiate between these costs each and every time a transaction is made will have you in hot water with the IRS. Read about the Top 5 Pitfalls of Legal Accounting here.
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