Practising attorneys need to take note of some important changes to the rules that govern how they manage their trust accounts.
These changes will come into effect as of November 1, 2018.
Failing to make certain key changes could impact attorneys negatively if they’re audited. If you’re an advocate, you will now, for the first time, be required to have an audit performed on these accounts.
Let’s run through some of the finer details before we hit you with the biggest change:
OK, that’s out of the way.
Most importantly, you need to note that once a legal matter has been finalised, the attorney must take his fees and transfer them from the trust account to the business account.
Getting busted for tax evasion is a bad look, especially for a practitioner of the law.
These are just a few of the new rules – rules which will be a lot easier to navigate if you focus on the lawyering and leave the tax stuff to the professionals.
Galbraith | Rushby offer professional tax compliance and advisory services to individuals and businesses. These services include:
They’re also well-versed in the tax laws that govern attorneys and advocates.
In other words, they’ll take care of everything, and guide you, step by step, through any changes to the rules, while you focus on growing your practise or firm.
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