Superior Court Practice Developments and Tax Issues Affecting the Solo and Small-firm Practitioner were the two areas of emphasis for the afternoon Hot Topic sessions on March 2.
Superior Court Chief Justice Barbara J. Rouse was joined by Superior Court Associate Justices Ralph D. Gants and Stephen E. Neel, who provided an overview of the court’s Third Amended Standing Order No. 1-88 on Time Standards, which went into effect on March 1, 2007. As stated in the order, “the concept of early and continuous judicial supervision and control is intended to enhance the quality of litigation and ensure that justice is fairly rendered.”
MBA Taxation Law Section Council Chair Patricia Ann Metzer led the presentation that brought to the attention of solo and small-firm attorneys important issues of consideration.
Applying its tax expertise to the various business elements of a law practice, the faculty of expert tax attorneys touched on tax options for professional service corporations; distinctions between equity partners, owners and other partners and owners; the tax rate of earnings retained in the business; as well as assuring sufficient reserves to cover fixed expenses when dissolving the firm and “partnership freeze” techniques.
For more information on the materials associated with the Hot Topic sessions at AC07, please contact Jared Correia at [e-mail jcorreia].