Succeeding in the crowded legal marketplace is a difficult challenge. Expertise in practicing law just isn't enough anymore. Organizational structure and administrative functions need to be as efficient as possible. A long-range strategic vision is required to ensure the healthy future of your firm. You need the best information and analysis at your fingertips to make informed decisions about important business issues.
Anchin addresses the financial reporting, tax and retirement planning, and firm management challenges of today's law firms, as well as the traditional range of accounting, auditing and tax services. The Law Firms Group provides services optimized and customized for the unique structure and environment which today's law firm operates.
Anchin has been in operation for over 90 years, and as a professional services firm, we understand the challenges you face. Whether it’s strategic planning to develop the next generation of leaders or developing tax-effective compensation and partner buyout plans, a well-run business model and strategy is the key to law firm success.
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- Financial reporting
- Budgeting and forecasts
- Obtaining bank financing
- Profitability analysis
- Cash flow projections
- Law firm and personal tax planning
- Pension planning
- Retirement planning
- Tax compliance
- Estate planning
- Partner compensation
- Succession planning
- Operations review
- Software selection, implementation and support
- Time and billing systems
- Internal control review
- Accounting systems
- Document imaging
- Disaster recovery planning
- Mergers and acquisitions
- Cost Segregation
- State and local taxation
- Compensation and benefits
- Litigation, forensic and valuation
- Business risk
- Is the Tax Cuts and Jobs Act (“TCJA”) Eating Law Firms Breakfasts, Lunches and Dinners?July 11, 2018
The TCJA made significant changes to the Internal Revenue Code (“IRC”) regarding business deductions involving not just entertainment but, in many aspects, employee benefits and traditional meals as well. These changes affect law firms and their clients regardless of entity type however, significant guidance is still needed from the IRS.
- Tax Cuts and Jobs Act Substantially Limits Meals and Entertainment DeductionFebruary 14, 2018
The 2017 Tax Cuts and Jobs Act introduced some significant limitations to the meals and entertainment deduction. The new law makes two major changes to the meals and entertainment rules, which can impact your business.
- Tax Bill Impacts Service FirmsDecember 28, 2017
On December 22, President Trump signed into law the “Tax Cuts and Jobs Act of 2017” (TCJA). The bill contains many provisions effective in 2018 that will significantly impact professional and non-professional firms.
- Tax Cuts and Jobs Act Offers Favorable Tax Breaks for BusinessesDecember 28, 2017
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions. Here are the most important changes in the new law that will affect businesses and their owners.
- Congress passes biggest tax bill since 1986December 21, 2017
On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986. The bill makes small reductions to income tax rates for most individual tax brackets, significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT).
- Compare and Contrast the House and Senate Tax BillsNovember 14, 2017
Many of the House and Senate provisions are similar. For example, both plans would repeal the alternative minimum tax and retain the charitable contribution deduction. However, there are a number of key differences. Here’s a look at some of the most significant.
- Senate GOP Releases Tax Reform PlanNovember 14, 2017
The Senate released its long awaited tax reform proposal. While many similarities exist with the House bill many differences also exist. Here are a few observations.
- Year-End Tax Planning for Businesses: Looming Tax Reform Creates Planning ChallengesOctober 30, 2017
As the end of 2017 approaches, the prospect of dramatic tax reform makes year-end tax planning especially challenging. In late September, the Trump administration and Republican congressional leaders unveiled their Unified Framework for Fixing Our Broken Tax Code. The framework proposes reduced tax rates for businesses as well as changes to a variety of business tax benefits. But there’s a great deal of uncertainty over when — and if — tax reform will be implemented and which proposals could make their way into possible new tax legislation.
- Large Equifax Cybersecurity Breach Could Affect 143 Million People – Are You One Of Them?September 11, 2017
Last week, Equifax announced a large cybersecurity breach that compromised personal information of up to 143 million Americans. The breach, which occurred between mid-May and July was discovered in late July.
- Important Changes for the 2017 Tax Filing Season for all Calendar Year Law FirmsJanuary 5, 2017
The Highway Act legislation gave rise to sweeping changes for the 2017 tax season due dates for filing both original tax returns and extensions.
- From BigLaw To Your Own Firm: 4 Tips For Legal StartupsAugust 23, 2016
Russell Shinsky, Chair of Anchin's Law Firms Industry Group, shares advice about starting a law firm.
- ALA - The State of State and Local Taxation and How it Impacts Your Law FirmFebruary 20, 2014
PowerPoint Presentation to the Association of Legal Administrators
- Senate Considering Proposal to Eliminate the Cash Basis of Accounting for Many Professional Service FirmsJanuary 27, 2014
The United States Senate is considering a proposal to eliminate the cash basis of accounting rules that currently exist for many professional service firms, potentially requiring these firms to change their tax method to the accrual basis. This change would greatly impact cash flow, and potentially hinder growth potential in professional service firms.
- Law Firms: Why Entity Type MattersAugust 1, 2013
Structure matters when attorneys think about setting up a new practice, merging into or acquiring another firm, or making a lateral move. The tax and financial ramifications are significantly different for each of these entities and must be evaluated as early as possible to avoid costly mistakes.
- How Does Tax Reform Impact You?
The Trump Administration passed an intricate and complex tax reform bill just before the close of 2017, but what will this mean as we move
- Anchin Webinar: Tax Reform Discussion - How will the Bill Affect You? Get the Answers; Not Just the FactsJanuary 12, 2018
In this recorded webinar, Anchin assembled a panel of top professionals from varying viewpoints, including Real Estate, Financial Services, Professional Services, Technology, and Private Client to have a Q&A session on the effects of the new tax reform.
- What You Need to Know About Partnership Agreements: Law Firms July 27, 2016
Anchin, Block & Anchin Partner Russell Shinsky discusses common issues facing law firms and provisions within partnership agreements that aim to protect the firm.