CONTACT INFORMATION:
Manhattan Location
225 W35th St, 5th FL New York, NY 10001
Phone:
(212) 736-0055
Stamford Location
350 Bedford St, Ste 303 Stamford, CT 06902
Phone: (203) 356-1061
Long Island Location
487 Jericho Turnpike, Syosset, NY 11791
Phone: (212) 736-0055
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225 W 35th St, 5th FL., NY 10001
At Presti & Naegele, we understand the unique financial challenges faced by legal professionals. Our dedicated team of accountants and CPAs provides comprehensive accounting and advisory services to help lawyers and law firms manage their finances effectively. Whether you’re a solo practitioner or part of a larger firm, we offer tailored solutions to identify deductions, optimize tax strategies, and ensure compliance.
BOOKKEEPING SERVICES FOR LAWYERS
P&N’s bookkeeping services for lawyers lays the groundwork for accurate financial data. Accurate bookkeeping ensures financial transparency, compliance, and informed decision-making for your firm.
Proper bookkeeping provides a solid foundation for understanding income, expenses and overall financial health reducing the risk of errors, fraud, and financial mismanagement.
Regular bookkeeping helps track cash flow allowing lawyers to manage their finances.
efficiently, ensuring bills are paid on time and funds are available for growth.
TRACKING CONTINGENCY EXPENSES
Contingency expenses in the eyes of the IRS may not be immediately deductible. P&N helps lawyers manage this process.
IOLA AND ESCROW ACCOUNT MANAGEMENT
P&N assists lawyers and law firms with IOLA and escrow account management. We understand the rules and regulations governing IOLA and escrow accounts. We can assist in maintaining accurate records, monitor transactions, track deposits, and ensure proper segregation of funds.
We regularly reconcile IOLA and escrow accounts verifying balances, identifying discrepancies, and addressing any issues promptly. For IOLA accounts, we calculate, and report interest earned on client deposits ensuring compliance with interest remittance requirements to the IOLA Fund.
Lawyers and law firms can operate as sole proprietors, partnerships, LLCs, or corporations. Each structure has distinct tax implications. P&N can assist you in choosing the right business entity. Choosing the right structure for your business is crucial, as it affects legal liability, taxation and operational flexibility. Each business type has its own trade-offs. We can walk you through the process identifying the advantages and drawbacks of one entity vs the other.
Legal Structure:
How lawyers pay taxes depends on the structure of their business. At P&N, we can evaluate your situation and recommend the right entity for your business.
Sole Proprietorship – A sole proprietorship is the simplest form of business, where the owner and the business are one.
Limited Liability Company (LLC) – An LLC combines the liability protection of a corporation with the flexibility of a partnership.
Partnership – A partnership involves two or more individuals or entities sharing ownership and responsibilities.
S-Corporation – An S-Corporation is a pass-through entity that combines features of
corporations and partnerships.
C-Corporation – A C-Corporation is a separate legal entity owned by shareholders. It’s the most complex structure.
As a Lawyer or Law Firm, you have several retirement options to help you defer earnings and secure your financial future. Some of the more popular choices:
For inquiries or guidance, contact Presti & Naegele Accounting and Advisories. Your success awaits!
Eager to collaborate with Presti & Naegele?
We welcome the opportunity to understand your financial needs and tailor solutions for success. Join our distinguished clientele who have experienced the excellence of our services. Let's embark on a journey toward financial prosperity together.