Session 21 of The Practical Lawyer CLE
practice management series for Solo and Small Law Firm Owners
Approved for 2 General CLE Credits
COURSE DESCRIPTION
In this 90-minute course, tax attorney Kelly Politte will provide an in-depth overview of the factors that owners of solo and small law firms should take into consideration when exploring whether (or not) to convert their law firm’s tax reporting to S Corp status. As a S Corp, the owner is deemed an employee, receiving periodic salary payments and paying income tax as part of those distributions.
Attorney Politte will walk attendees through the threshold issues of whether the law firm generates sufficient income to elect S Corp status and the annual amount the law firm owner would pay themselves will fulfill the IRS definition of “reasonable salary”. The course will also explore the advantages of filing as an S Corp and adverse consequences a law firm owner could experience by failing to meet reasonable-salary standards. This course will also advise on the owner’s need to review firm income and expenses over the course of the year and then again at year end to ensure any needed adjustments to firm’s final salary distribution and 4th quarter estimated taxes are made.
As the law firm owner also becomes an employee for purposes of state and federal law, this presentation will provide insights into mandatory and optional enrollment and contributions to state and federal employee programs, including the opportunity to participate in Colorado’s family and medical leave insurance (FAMLI) program.
Time will be available at the end of the presentation for attendee questions.
OUR SPEAKER:
Attorney Kelly Politte focuses her practice in the areas of tax law, business and corporate law, and trusts and estate planning and litigation. Within her practice she represents individuals, businesses and corporations, and professionals, through all facets of civil and criminal tax controversies, business matters (both transactional and litigation), and wealth and succession planning and litigation. Kelly matriculated with her MBA, JD, and LL.M. in Taxation from the University of Denver, and has been practicing law for 17 years, has clients all over the country, and regularly utilizes or is utilized for contract and co-counsel services.
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The Practical Lawyer CLE series was developed by Colorado W.O.L.F. (Women Owned Law Firms) specifically to provide law firm business and practice management education to Colorado’s Solo and Small Law Firm community. This series is jointly sponsored by the Solo Small Firm Practice Section, Colorado Bar Association.
Through the financial support of the Solo Small Practice Section, all Section members receive free access to all live and home study courses.