Accounting for Georgia Law Firms
Trust accounting and financial statements your firm can stand behind.
To see an accurate financial picture and meet your obligations to your firm, your clients and the state bar, your firm needs a transparent and proper accounting system. We build and maintain it.
Schedule a ConsultationMonthly trust reconciliation
Bank statement balanceMatched
Trust account ledgerMatched
Client ledgersMatched
7
Years focused on accounting for law firms
3-way
Trust reconciliation every month
$250K+
Firms from $250,000 to more than $5 million in revenue
The challenges we solve for attorneys
Not too small, not too big, and no judgment. Every firm starts somewhere.
IOLTA compliance
The bar requires a detailed ledger of each client's deposits and disbursements. Without it, the ethics board can cite a violation. We reconcile the bank, the trust ledger and every client ledger each month.
Practice management software
An optimized platform simplifies risk management, compliance and financial reporting, and gives clients an easy way to work with your firm.
Accounting software
Most practice management software does not integrate with the accounting system. We build the controls that reconcile and validate the two.
Retainers
We monitor work in progress against the funds available for each matter, so the firm can request more before a retainer runs out.
Accounting method
Many firms with gross receipts of $5 million or less may use the cash method for tax purposes. We confirm the right method for yours.
Monthly financial statements
Accurate statements every month, and organized information for your outside tax accountant at year-end.
Keep more of what the practice earns
Classify income correctly
Client fees, settlements and partnership distributions each carry different tax treatment.
Choose the right entity
Sole proprietorship, partnership, LLC or corporation, each with different tax results.
Retirement planning
SEP IRA and solo 401(k) contributions reduce taxable income while you save.
Estimated payments
Quarterly payments avoid underpayment penalties and smooth cash flow.
“Thank you for all you do for me! I truly love and appreciate Tax Geaks.”
Attorney client
Rule 1.15 and IOLTA
Trust accounting that holds up to the State Bar of Georgia
Trust accounting is the core of our law firm practice, not a side service. We know Georgia's monthly three-way reconciliation requirement under Rule 1.15, including the attorney sign-off requirement under Rule 1.15(III), and we know what audit-ready records look like when the State Bar of Georgia makes a request.
Rule 1.15 and IOLTA
Monthly three-way reconciliation of the bank statement, the trust account ledger and every client ledger.
Overdraft exposure
In Georgia, the bank reports a trust account overdraft to the State Bar automatically. No client has to complain, and no money has to go missing. Often the first an attorney hears of it is when the bar opens an inquiry.
Individual client ledgers
A ledger for each client is how a firm proves that a specific client's funds were never touched.
Records on demand
Clean, complete records, ready to produce within 48 hours of a bar request.
Most trust account problems are not theft. They are procedural: a reconciliation that never happened, a deposit that was commingled, a ledger that does not tie out. Our systems are built to prevent all three.
Schedule a Compliance ReviewDownload Free Resources for Attorneys
The Attorney Tax and Accounting Manual
A practical guide to building a compliant, scalable and financially sound law practice, from trust accounting and IOLTA compliance to financial statements and tax planning.
The same systems described in the book are the ones we build and maintain for Georgia law firms every month.
Get the Book on Amazon Schedule a Compliance ReviewSee what our clients say about working with Tax Geaks.
Read Our Google ReviewsSpeak with our team.
Schedule a consultation, or call 770-856-1170. Virtual appointments are available six days a week.