QTA Tax provides specialized services for law firms. We understand the financial rules that apply to legal practices. Trust accounting, partner taxes, and compliance are areas we handle daily. Our team keeps your firm organized and audit-ready.
IOLTA trust accounting requires careful attention. Client funds must be tracked separately from firm funds. We set up proper accounting systems for trust accounts. We reconcile them monthly to ensure accuracy. Mistakes in trust accounting can lead to bar complaints.
Partner taxation is another area of expertise. We prepare K-1 schedules for each partner. We handle guaranteed payments and profit distributions. We also advise on partner compensation structures. Our goal is to minimize the overall tax burden for your firm.
Many law firms operate as partnerships or LLCs. We help you choose the right entity structure. We handle quarterly estimated tax payments for partners. We also prepare annual firm returns and individual partner returns. This keeps everything consistent and accurate.
Practice management consulting is available as well. We review your billing and collections process. We analyze overhead costs and suggest improvements. We help firms plan for growth and succession. Retiring partners need a clear exit strategy.
Call 630-881-4679 to discuss your law firm tax needs. We serve law firms of all sizes across the Chicago suburbs.