Multi-Resource Solutions Addresses Law Firm's Tax Department Concerns

Client Profile

Annual Revenue $110 million
Entity Structure Partnership with 65 partners
Industry: Professional Services
Geographic Footprint: Massachusetts
Ownership Structure
Private

Issue

A law firm’s internal tax department did not have a clear understanding of its available capacity to manage internally and externally prepared tax returns, and could not ascertain with confidence the optimum size of its tax department. Insufficient staffing contributed to a variety of issues, including inconsistent tax returns, incomplete disclosures on Schedule K-1s, the need to file additional state and federal tax returns, and risks related to trustee accounts.

Solution

Through a complete analysis of the law firm’s workflow process, discussions with leadership, and interviews with staff, our tax co-sourcing team identified a solution. We pinpointed the areas working well and areas for improvement. We then recommended solutions, which included: supplemental staffing, quality review procedures, new technology implementations, and the adoption of a formal continuing education plan for staff.

Outcome

By leveraging our knowledge in combination with co-sourcing, workflow tools, and technology solutions, we reduced the law firm’s risks at both the firm and partner levels. The new technology and tools implemented assisted with productivity and training, created a quality control process for internally and externally prepared tax returns, and issued all necessary federal and state tax returns in a timely manner.

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Multi-Resource Solutions Addresses Law Firm's Tax Department Concernshttps://www.cbiz.com/Portals/0/Images/Law-Firm.jpg?ver=2021-03-12-115121-790Count on our Expertise to Optimize Your Tax Department2021-03-12T18:00:00-05:00

Count on our Expertise to Optimize Your Tax Department

Planning & Tax MinimizationProfessional ServicesFederal TaxNo