3/23/2017
Documents have a distinct lifecycle. They move from being online (production) to near line (easily recoverable) to offline (archived). Knowing what to keep and for how long can be tricky business for law firms.
While it’s important to be able to produce critical documents when they’re needed, maintaining a file longer than necessary can cause trouble. Suppose a client follows standard document retention procedures and disposes of a set of documents. If the law firm retains related documents beyond that retention schedule, those documents then become discoverable in a legal matter.
The key is to develop document retention and destruction procedures that protect your interests as well as those of your clients.
3/23/2017
What’s the difference between leadership and management? Perhaps management guru Peter Drucker put it best: “Management is doing things right; leadership is doing the right things.”
As a business owner and leader, you must not only “do the right things,” but you must also inspire others to do the same. According to Daniel Goldman’s well-known Harvard Business Review article, “Leadership That Gets Results,” a manager’s leadership style is responsible for 30 percent of a company’s profitability.
3/23/2017
The past can come back to haunt law firms that made promises to provide retired partners with substantial incomes, sometimes for life. Often, these promises of future benefits were made back in the “old days” when firms were smaller, partner incomes were lower and “for life” didn’t mean as long as it does now.
The problem with these deferred compensation arrangements is that they were often made without funding. Earning partners then became burdened by cash flow obligations to retired partners. The resulting impact on future profits can lead to some worrisome consequences, including these:
3/17/2017
You are supposed to pay no more than the taxes you owe.
But,… no less.
Some taxpayers still think they can fudge their numbers and play “audit roulette” with the IRS hoping that they won’t get caught underreporting income or inflating their deductions. Over the years, the IRS has implemented numerous systems and software programs to improve its ability to detect such things – often with dire consequences to taxpayers when they get that scary letter in the mail informing them that they are being audited.
This is why falsely claiming deductions, expenses or credits on tax returns remains on the annual “Dirty Dozen” list of tax scams.
3/9/2017
A new year brings new changes from the IRS. Here is a short list of changes that may affect your 2016 tax return. Please feel free to contact your tax advisor with any questions or concerns you may have about these changes.
3/6/2017
Our firm had the opportunity to attend the 4th Annual Women in Leadership Conference: Designing Your Future, hosted by the College of Business Executive Mentor Program at the University of West Florida. The conference was created to help develop women into leaders through empowerment, support, and connections. The day consisted of inspiring speeches, engaging panel discussions, and fulfilling conversations with prominent women from all over the area.