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Comprehensive Tax Planning and Accounting Services for Your Ft. Lauderdale Law Firm

Thomas Jordan, P.A. offers a variety of tax planning and tax services for individuals, attorneys and law firms in Ft. Lauderdale and South Florida

As a law firm, you have a lot to focus on, and many issues demand your attention. First on the list is practicing law, followed closely by satisfying your clients and acquiring new clients.

This said, a critical step to managing and growing your law firm successfully is to forecast and plan for your cash flow and related tax liability. It is cash flow management that often separates average law firms from successful law firms. In any business, to manage your cash, you need clear revenue and cost projections; you need to utilize effective tax planning; and you must understand employee compensation and benefits. These activities are best handled with the guidance of a highly knowledgeable CPA firm such as Thomas Jordan, P.A.

Adding to the challenge of accomplishing these goals are two issues distinctive to legal practices:

  • The timing mismatch between revenues and costs for any given case or client

From the day that you take a new client, you incur costs. For a case, it may take months or years to recover costs and recognize revenues. This inherent uncertainty affects the budget process and cash flow.

  • The profit allocation between the firm and its partners or shareholders

After the end of the year, the profits are divided between partners or shareholders. Due to income recognition principles, the “splitting of the pie” for a given year is not done until after the calendar year, and individual partners or shareholders may not know the full amount they will receive or amount on which they will pay income taxes. We encourage firms to implement procedures to recognize revenues and expenses in a timely manner, minimizing the uncertainty at the end of the year.

To illustrate the way budgeting and tax preparation steps work together to ensure proactive cash flow management, Thomas Jordan, P.A. shares our law firm financial growth blueprint above. We can assist your firm with implementing these steps, while providing guidance for your law firm and individual partners or shareholders.

Our services include:

Thomas Jordan, P.A. works with both individual attorneys and law firms and offers a variety of financial services to the legal community. We welcome the opportunity to discuss the needs of your law firm and your goals for growth and financial success. If you have a question or would like more information on Thomas Jordan, P.A. and our capabilities, please contact us or call us at (954) 763-8455.

Thomas Jordan, P.A. – Accounting for your growth.

Thomas Jordan, P.A. provides accounting services for law firms in South Florida including Ft. Lauderdale.