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Tax Implications for New Partners

Becoming a partner in a law firm can be stressful, we can help.

For many lawyers, becoming a partner is a priority, yet it's surprising how few are prepared for the financial implications of such an undertaking. In fact, many are uninformed about what joining a law firm partnership really entails, both in terms of the financial commitment and the personal wealth management the partnership requires.

KLR's Rising Stars Services Group can help with the important financial considerations all new law firm partners should take into account. Between capital contributions, multi-state returns, foreign tax credits and bigger retirement benefits, there's a lot to be concerned about.

How can we help?

KLR's team can help you navigate your new financial concerns including:

  • Tax return preparation with self-employment tax
  • Tax extensions to accommodate for K-1 distribution
  • Quarterly estimated tax payments
  • Changes in cash flow and solutions to accommodate for less income, such as home equity loans
  • Increased insurance needs and estate planning responsibilities
  • Immediate retirement plan payments
  • How to prepare for your child's education while paying your school loans
  • Best practices for your federal, state, multi-state and foreign income tax planning

Ready to talk? Connect with us today.

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