- Baker Tilly communicates the current risks an intellectual property law firm faces in their IT control environment, the recommended controls to mitigate those risks, the remaining risks after assessing the control environment and the consequence and likelihood of adverse events.
- Is your law firm organized as a personal service corporations (PSCs)? PSCs face a unique challenge when it comes to compensating their shareholder-employees. As total income for the year is not easily predicted, PSCs tend to pay out more modest salaries to shareholder-employees throughout the year.
- Baker Till talks with Bisnow about the complex tax implications facing the legal industry as they tackle unique build-outs, renovations, and the other space updates that impress, but don’t break the bank.
- It’s no longer enough for banks and other financial institutions to simply have good working relationships with the third parties that provide IT and other services. New, stricter standards and increased scrutiny by the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), as well as the Federal Deposit Insurance Corporation (FDIC) and the Federal Financial Institutions Examination Council (FFIEC), mean financial institutions now have the same responsibilities for in-house and out-of-house services.
- Gain an understanding of how the IRS views compensation vs. dividends paid to shareholders.
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