Archive | Attorney’s Report


IRS Moves Aggressively on Offshore Accounts

IRS implements a new reporting measure for offshore accounts In its continuing efforts to prevent foreign income tax evasion by U.S. taxpayers, the IRS has implemented a new reporting measure for offshore accounts. IRS form 8938, Statement of Specified Foreign Assets, requires details of any foreign financial asset (account or individual financial asset) that exceeds […]

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valuation discounts

Valuation Discounts and Estate Planning

Entrepreneurs Face a Challenge in Valuation Discounts and Estate Planning America is a nation of entrepreneurs. And for many, the equity they’ve established in their businesses represents a substantial portion of their net worth. Unfortunately, owners of closely held businesses face a daunting challenge in the high tax rates of the federal transfer tax system. […]

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Handling Advance Legal Fees

Advance Fee is Predicated on Actual Ownership Simply put, accounting for an advance fee is predicated on actual ownership of the funds. For most purposes, an advance fee remains client property until it is actually earned by the lawyer. Thus, it should be deposited in a trust account and withdrawn as it is earned. Of […]

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Data Security

The Wired Attorney: Data Security When You’re on the Go

Legal Profession and Technology: Data Security On The Go The legal profession has certainly been at the vanguard of mobile technology. Attorneys have made the switch from briefcases full of bulky files to laptops, tablets and smart phones loaded with case notes, docket calendars and briefs. But this increased convenience and efficiency comes at a […]

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Avoiding Ethical Concerns with Client Funds

Ethical Minefield Trust (or escrow) account management is a potential ethical minefield for attorneys and law firms. Weak internal controls can lead to funds being diverted, and even an innocent accounting error could result in allegations of a trust account violation. Ultimately, a fiduciary responsibility exists for attorneys in possession of client funds and property. […]

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