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Is Your Firm Ready for an IRS Audit?

By Michael E. Mooney

The phone call or letter may come when you least expect it. The Internal Revenue Service has selected your firm for audit. Are you ready? As a service-oriented business typically using the cash receipts and disbursements method to determine income for tax purposes, you may feel the IRS has little to find. When you receive legal fees, you include them in income. When you pay expenses, you deduct them. That's pretty straightforward. However, you may be in for a surprise if you ever accept retainers, accept payment for services in kind, accept client trust funds, advance client costs in connection with matters you are handling, or have any service providers not on the regular payroll.

The Income Side of the Ledger

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