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Key Tax and Financial Considerations for New Law Partners
Being asked to join the partnership of a firm is a measure of success as a legal professional. With that achievement comes tax and financial responsibilities that, surprisingly, few attorneys are fully prepared to deal with. These responsibilities include the unexpected individual federal and state and local tax filing and payments. These requirements can often be complex.
When taking this important career step, attorneys would benefit from addressing the following tax and financial questions prior to or upon becoming partner.
1. How Will My Income from the Firm Be Taxed When I Am a Partner?
Most law firms operate as pass-through entities, which means that the income of the entity is taxed to the partners and not the firm. As such, each partner is responsible for reporting his or her share of firm income and paying applicable federal and state taxes.
Additionally, partners should be aware of the following:
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