Bonuses will be paid June 30 to principals, associates, and senior counsel based on billable hours ranging from $2,500 up to $30,000, McKool Smith Managing Principal and Chairman David Sochia said in a memo viewed by Bloomberg Law. Bonus amounts are determined by monthly average billables from Oct.1, 2023 through May 31 and annualized for the fiscal year, which ends Sept. 30, the memo said. Read more about bonus breakdowns from Meghan Tribe: https://lnkd.in/ddG9jrxt
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"But I don't want to damage the relationship with my firms..." I've heard this sentiment from many in-house attorneys and leaders before when I ask them why they don't challenge their firms on pricing and rates. First I take a deep breath and then I calmly respond back, "They are doing fine, you should worry about your risks and department not theirs." Then I forward them the countless articles like this that summarize the current environment so well. "Wells Fargo found in Q1 this year that standard rates had increased by 9% across the industry, which was up from the 8.3% increase the bank observed for the entirety of 2023. And for Am Law firms ranked 1 through 50 in its sample, billing rates had increased 9.8% in the first quarter." "'And more than a few [firms] have said they never heard a peep from clients, which clearly suggests they’ve been underpriced,” Corcoran said. “But also, the market acknowledges in inflationary times, prices for goods and services increase. So I think it’s a trend that some firms have sort of woken up to because their cost base has gotten higher. ‘We’ve gotta generate more revenue, and we can’t just always bill more hours.’” The firms are not hiding the fact that they will keep aggressively increasing rates unless clients get disciplined and speak up. Not negotiating your rates and asking for creative pricing means you are signaling acceptance of these increases and the cycle will not break. You will keep shouldering the ever increasing revenues and profit margins of these firms. The two most effective levers for firms to generate revenue is billing more hours and billing more for each hour.
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Nothing bothers me more than people being told to go apply for an offer in compromise without knowing if they actually qualify. Yesterday I spoke to an accountant. He referred a client to an attorney. The attorney claimed to have tax experience. Well he didn’t know how to get Transcripts from the IRS and he didn’t ask for the clients financial information before saying he would qualify for an offer in compromise. A quick 5 minute call determined he did not. Bottom line, no one can know if you qualify for an offer in compromise without going through your financials. If they say otherwise run far away. #taxresolution
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Business Educator | Professional Development Facilitator | Senior Care Consultant
Yes you do! Don’t allow the IRS to fo an estimation. Do your due diligence and file. I’m here to help! #deashatheceo #businesseducator #taxtiptuesday VivaciousServices.com
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Principal at Lotis Blue Consulting | Helping firms get the most out of their transformations and sustain profitable growth
Meaningful amounts of revenue and profit come from seemingly innocent behaviors at law firms, but the bigger the firm, the bigger problems. This financial leakage comes from many areas of the firm: pricing, billing, discounting, timekeeping, collections, and many more. The American Lawyer's recent articles does a good job of laying out how and why this happens in practical terms: In our work with firms, we see significant value leakage. Even working with individual practices can have millions of dollars of impact and significant ROI for the firm and Partners when scaled. https://lnkd.in/g9i63GNB
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Did your business mistakenly claim the ERC? If so, check out DarrowEverett LLP‘s latest #DEInsight written by Michael J. Raposa, Esq. #taxfraud #DEInsights #taxcompliance #irs #irsaudit #taxlaw
The Brass Tacks: IRS Creates Process for Withdrawing ERC Claims
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Principal at Keystone CPAs Sophisticated Tax Planning for Individuals, Business and Estates. Virtual CFO- Measured Key Performance Indicators= Measured Results
One of those areas that will come back and #taxlaw #irsrule https://lnkd.in/ez-EvYBS
Businesses must e-file Form 8300 for $10,000+ cash payments in 2024
journalofaccountancy.com
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Continuing Education and coaching for enrolled agents, CPAs and tax professionals. Happy to help you!
Refresh your tax representation knowledge with this IRS Penalty Abatement course presented by AJ Reynolds. Followed by a course Installment Agreements, Offers and Collections. Each course qualifies for 2 IRS CE/2 NASBA CPE*
TODAY! AJ REYNOLDS, EA IRS Penalty Abatement – Reasonable Cause & Removal of Penalties - 1pm ET (2 IRS CE) Client Representation, Installment Agreements, Offers, Collections - 3pm ET (2 IRS CE) So much you can learn for representation for your tax clients! Sharpen up with these courses ongoing for the month of Sep/Oct. Client Representation, Installment Agreements: https://lnkd.in/eM3Sq-re
IRS Penalty Abatement – Reasonable Cause & Removal of Penalties
bigmarker.com
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At Maxwell Locke & Ritter, our comprehensive and collaborative approach to transaction advisory services gives you the insights you need and the analysis you can trust. When you work with ML&R, your deliverable will include these critical elements: ➡️Insightful, tailored insights, including charts and visual key observations to help you focus on what is truly important. ➡️Easy-to-trace databooks with full transaction detail to plug into projection models. ➡️Integrated tax diligence, including U.S. federal and state income tax compliance plus sales and use tax exposure analysis. ➡️Net working capital and indebtedness calculation advice. ➡️Consultation on purchase agreement language to mitigate potential post-transaction disputes. See the ML&R difference in our sample redacted report: https://lnkd.in/gEz2Ps4h
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