Client Alert Summer 2000

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Client Alert - Summer 2000

Legal Alert
By: George E. Barrett, CPA

Accounting and tax issues that are often encountered by the legal profession include the following:

Client Costs - Internal Revenue Service regulations require costs advanced on contingent cases to be recorded as prepaid expenses until settlement or termination of the case.
Library Expense - Internal Revenue Service regulations require professional library costs for books and publications which are not updated on at least an annual basis to be capitalized and depreciated over a five year period.
Client Trust Funds - Funds held in trust for clients should be compared to the reconciled bank balance on a monthly basis. Differences should be investigated and corrected immediately.

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