In this episode we unpack the often-confusing world of business structures. From LLCs to S-Corps, they explore how each entity works, when it makes sense to switch, and the financial ripple effects those decisions can create.

We break down key considerations like payroll setup, salary versus bonuses, and the compliance requirements business owners frequently overlook. Along the way, they emphasize the importance of strategic planning and partnering closely with tax professionals to ensure both your business and personal finances stay aligned.

Whether you're choosing your first business structure or re-evaluating your current one, this episode offers practical insight, clear explanations, and the guidance you need for confident decision-making.

02:33 Understanding LLC Structures
03:05 Tax Implications and Professional Advice
06:30 Payroll Setup and Best Practices
09:54 Choosing the Right Payroll Provider
12:36 Switching to an S-Corp: Timing and Draws
14:19 Understanding Paycheck Regularity and IRS Expectations
14:32 Bonus vs. Regular Pay: Strategic Considerations
15:17 Tax Strategies for High Earners and Boutique Firms
16:16 Compliance and Strategic Planning in Payroll
18:04 LLC vs. S Corp: Tax Implications and Structures
19:13 The Complexity of C Corporations
21:51 Importance of Operating Agreements and Key Person Insurance
24:45 Exit Strategies and Scalability
26:02 Engaging with Tax Professionals

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Find us on YouTube as well!

If you have questions, topic requests, or guest suggestions you can email us at info@accountantslawpod.com or send us a message through our website, www.accountantslawpod.com

If you want to join us in the Accountants Law Lab, visit our website at www.accountantslawlab.com to sign up!

If you want to follow along with Steve’s airstream adventures, as well as Accountants Law Pod updates, be sure to follow us on instagram at Accountants Law Pod.

Accountants Law Pod is hosted by Lynda Artesani, Sarah Prevost, and Steve Libhart and directed/produced by Teaira Burge and The Proper Trust. Music by ComaStudio from Pixabay - Edited by audiovideo_uk

Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.

Law firms thrive on smart budgeting.

In this episode, we cover how to build a realistic budget, manage fixed and variable costs, plan for estimated taxes, and use tools like Clio to keep finances on track.

Plus: practical tips for forecasting, overhead, and long-term financial discipline.

00:28 The Importance of Budgeting for Lawyers
01:51 Realistic Budgeting and Overhead Costs
03:21 Starting Out: Essential Expenses
05:44 Software and Tools for Budgeting
07:57 Planning for Taxes
09:50 Setting Financial Goals and Cash Flow Management
16:32 Choosing the Right Software

Be sure to subscribe for more episodes!
Find us on YouTube as well!

If you have questions, topic requests, or guest suggestions you can email us at info@accountantslawpod.com or send us a message through our website, www.accountantslawpod.com

If you want to join us in the Accountants Law Lab, visit our website at www.accountantslawlab.com to sign up!

If you want to follow along with Steve’s airstream adventures, as well as Accountants Law Pod updates, be sure to follow us on instagram at Accountants Law Pod.

Accountants Law Pod is hosted by Lynda Artesani, Sarah Prevost, and Steve Libhart and directed/produced by Teaira Burge and The Proper Trust. Music by ComaStudio from Pixabay - Edited by audiovideo_uk

Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.

California’s bar just tightened its compliance rules, and the fallout is real.

In this episode, we break down the surprising results of a statewide compliance test—trust account errors, missing three-way reconciliations, and more. Learn what law firms must fix now, the tools that help, and why these rules could soon impact firms across the country.

00:59 Scary Changes in California Bar Rules
01:30 Compliance Challenges in Law Firms
02:50 Self-Assessment and Beta Testing
03:40 Non-Compliant Trust Account Journals
05:27 Client Notification and Dormant Accounts
09:44 Attorney Supervision and Training Issues
10:22 Contingency Firms and Fee Calculations
12:46 Handling Disputes and Documentation
13:49 Trust Accounting Policies and Practices
15:24 Self-Assessment and Compliance Reviews
16:45 Software and Reconciliation Challenges
17:56 Fraud Prevention and Oversight
19:29 Compliance Tools and Best Practices
20:46 California Bar Compliance and Adjacent States

State Bar Launches Mandatory Client Trust Account Compliance Reviews

Be sure to subscribe for more episodes!
Find us on YouTube as well!

If you have questions, topic requests, or guest suggestions you can email us at info@accountantslawpod.com or send us a message through our website, www.accountantslawpod.com

If you want to join us in the Accountants Law Lab, visit our website at www.accountantslawlab.com to sign up!

If you want to follow along with Steve’s airstream adventures, as well as Accountants Law Pod updates, be sure to follow us on instagram at Accountants Law Pod.

Accountants Law Pod is hosted by Lynda Artesani, Sarah Prevost, and Steve Libhart and directed/produced by Teaira Burge and The Proper Trust. Music by ComaStudio from Pixabay - Edited by audiovideo_uk

Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.