Tax and Bookkeeping Help for Professional Service Firms
Law firms, insurance agencies, marketing and design agencies and other professional practices sell expertise and time. That brings its own issues: partner or owner pay, receivables, contractor payments, commissions and entity choice.
Raymond G. Kenney, CPA works directly with owners of professional service firms, from solo practitioners to small partnerships. Ray helps keep your books clear and your returns accurate, and plans ahead with you.
Book a Free 10-Minute Fit Check
Common Challenges and How Ray Helps
- Owner and partner pay. Guaranteed payments, distributions and S-corp salaries each work differently. Ray helps you understand how owners are paid and taxed in your structure.
- Receivables and cash flow. Billed is not the same as collected. Ray helps you track receivables and understand how your accounting method affects taxable income.
- Law firm trust accounts. Client funds held in escrow or IOLA accounts are not firm income. Ray helps keep those funds separate from operating income in your books.
- Insurance commissions. Agency commissions, renewals and chargebacks need to be tracked and matched to carrier statements. Ray helps keep them accurate.
- Contractors and 1099s. Agencies often rely on freelancers. Ray helps track payments and keep 1099 reporting in order.
- Entity and tax planning. Ray can review whether your entity and any S-corp election still fit as the firm grows.
Related Services
- Monthly bookkeeping
- Year-round tax planning
- Partnership and multi-member LLC returns
- S-corp and C-corp tax preparation
- Should your business be an S-corp?
- QuickBooks setup and optimization
- Year-Round Business Plan
- Frequently asked questions
Why Work With Ray
Ray is a licensed New York CPA in practice since 2015 and a member of the NYSSCPA. You deal with him directly, from your first call through filing, and he’ll explain things in plain language.
Work With Ray From Anywhere
Prefer to work remotely? Ray works with clients locally and remotely across the U.S. by phone, video and email. Work with Ray from anywhere.
Frequently Asked Questions
Should my professional practice be an S-corp?
It may make sense when profits are steady, but you would need to pay yourself a reasonable salary and file a separate return. Licensing rules for some professions also affect entity choice. Ray can compare the options.
How are partners in a multi-member firm taxed?
Partnerships and multi-member LLCs generally file a return and issue K-1s to each partner, who reports their share on their own return. Ray prepares both the business and individual returns.
Can you work with my firm's billing or practice software?
Ray works in QuickBooks and can usually work from reports exported from your billing or practice management software.
Get Started
Have questions about your situation? Talk with Ray. Monday–Friday, 9–5.