Did you know that in 1982, the IRS issued a ruling (Private Letter Ruling 8246013) that a law firm “may not deduct as an ordinary and necessary business expense the various litigation costs advanced for a client on a contingent-fee basis”?
According to the IRS, case costs are actually advanced as loans to the client and should be booked as an asset, on th...
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About QuickBooks and IRS Regulations: Is Your Firm Compliant*?
Archives for Quickbooks
Law Firm Finance 101 Webinar Registration Open
With an in-depth understanding of finance and the right tools, your guidance will help your contingent-fee law firm operate at its fullest potential. We invite you to join our May 17th webinar with President and CEO Michael J. Swanson to learn the most relevant financial concepts for plaintiff attorneys and pinpoint the challenges contingent-fee law firms...
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About Law Firm Finance 101 Webinar Registration Open
Michelle Rigsby Newest Quickbooks Certified ProAdvisor
Congratulations to Michelle Rigsby on obtaining the QuickBooks Certified ProAdvisor status. With this additional milestone, Michelle will be even more effective assisting our law firm clients with routine account management expertise as well as practical accounting.
Michelle now joins Senior Vice President Donna Jones on the QuickBooks support team. If...
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About Michelle Rigsby Newest Quickbooks Certified ProAdvisor
Intuit Support for QuickBooks® 2013 Expires May 31, 2016
If you’re using QuickBooks® 2013 Desktop versions, you’re likely receiving notices from QuickBooks® that support for 2013 versions is about to expire.
As the QuickBooks® team works to meet the ever changing organizational and technological needs of its customers and improve functionality and organization, support for older versions is discontinued. QuickB...
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About Intuit Support for QuickBooks® 2013 Expires May 31, 2016
QuickBooks® Online vs. Desktop Versions – Things to Consider
More and more consumers are enjoying the convenience and benefits of anytime, anywhere access to critical information. Instant access to information has become the norm and almost a necessity. What’s more important than accessing your Firm’s financial data anytime, anywhere?
Many law firms utilize QuickBooks® as an accounting solution and QuickBooks® Onli...
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About QuickBooks® Online vs. Desktop Versions – Things to Consider
QuickBooks® Pro 2015 Available - Advocate Capital, Inc. Clients Enjoy Special Pricing
As we’re approaching year-end, it’s a great time to start getting your law firm’s books and records in order, taking advantage of strategic year-end tax planning initiatives and setting goals for 2015.
QuickBooks recently announced the availability of QuickBooks Pro 2015. If you’ve been considering updating your existing version, click here to view a com...
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About QuickBooks® Pro 2015 Available - Advocate Capital, Inc. Clients Enjoy Special Pricing
IRS Ruling Regarding Accounting Treatment of Client Case Costs
Since 1982, the IRS has ruled that contingent-fee related case costs paid by law firms are actually loans to the client, or advances made on the client’s behalf that the law firm expects to recover. The IRS ruling further states that those costs may NOT be deducted as a business expense on the law firm’s tax return. If selected for an audit by the IRS, ac...
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About IRS Ruling Regarding Accounting Treatment of Client Case Costs
Donna Jones Achieves QuickBooks Certified ProAdvisor Status
Congratulations to Donna Jones for achieving the QuickBooks Certified ProAdvisor status! In her role as Senior Vice President here at Advocate Capital, Inc., Donna oversees our Quality Assurance Team and also serves as Account Manager for many of our key clients. This new level of expertise together with her previous law firm administration experience w...
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About Donna Jones Achieves QuickBooks Certified ProAdvisor Status
Law Firms Using QuickBooks® - Setting Up & Tracking Case Costs
In a recent blog post, Advocate Capital, Inc. President and CEO, Michael J. Swanson shared with readers, “Recent Ruling Confirms That Case Expenses Are Loans, Not Expenses”. According to the IRS ruling, costs paid on behalf of a client are to be treated as a loan to your client or in accounting terms, an accounts receivable item. If you’re just now g...
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About Law Firms Using QuickBooks® - Setting Up & Tracking Case Costs