3 Year-Round Tax Tips for Law Firms This Season (Full Transcript)

[00:00:00] Speaker 1: What if tax season didn't have to be stressful? You understand your financial statements and you're already aware of what your tax liability will be this tax season. My name is Emil Abedian, the founder and the CEO of Council CPAs. We're a specialized CPA firm working exclusively with law firms. I'm gonna share three tips with you that will get you through this tax season like a pro. Tip number one, work on your accounting on a regular basis. Reconcile your statements, both operating as well of trust account to be in compliance with state bar regulations. Tip number two, work with your CPA throughout the year to understand your numbers and the financial statements of your firm so you can make educated business decisions rather than working off of assumptions. Tip number three, tax planning is not a one-time event, it's a year-round activity, so work with your CPA throughout the year with your tax planning so you can reduce and minimize your tax liability and also be aware of what's coming this tax season. If you implement these three tips in your firm, you will be in great shape for this tax season.