Episode Details

High-income law firm owners are prime targets for abusive tax schemes due to their complex finances, motivation to reduce tax burden, and legal sophistication, which can create a complexity bias due to the tendency to trust complicated strategies as legitimate.

On this episode I discuss the top tax fraud schemes that target law firm owners and how to protect yourself.

Darren discusses:

• Why law firm owners are easy target for fraudulent tax schemes.
• The consequences of engaging in tax fraud.
• Top 5 abusive tax schemes common among law firm owners.
• 8 tax planning strategies you should consider.
• The reality of IRS scrutiny.

Resources:

• Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz (Book)
• Simple Numbers, Straight Talk, Big Profits by Greg Crabtree (Book)
• Law Firm Profitability Assessment
• How to Calculate Your Law Firm Tax Reserve

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