Tax Services for Law Firms in Mokena, IL

Law firms have compliance obligations that differ significantly from general businesses, including IOLTA trust accounting, partner K-1 reporting, and potential ARDC audit exposure. A CPA familiar with legal practice handles these correctly; a generalist often misses them entirely.

IOLTA (Interest on Lawyers Trust Accounts) holds client funds in a pooled trust. These funds are not taxable income to your firm, but misreporting or commingling them creates serious professional and tax liability. We reconcile your IOLTA ledger separately from your operating accounts every month.

In an S-Corp, you pay yourself a reasonable salary subject to payroll taxes and take remaining profit as a distribution, reducing your self-employment tax exposure. In an LLC taxed as a partnership, you take draws against your capital account. We model both structures and recommend the approach that reduces your total tax burden at your income level.

Yes. We prepare the firm's partnership or S-Corp return plus each partner's Schedule K-1, coordinating with individual partner returns as needed. We currently serve firms with two to fifteen partners.

Common missed deductions include bar association dues and CLE course fees, malpractice insurance premiums, home office deductions for solo practitioners, legal research platform subscriptions, and vehicle mileage to client meetings and court appearances. We run a dedicated deduction review at every intake.