Accountant for Lawyers and Law Firms
An accountant for lawyers should save you time, not add to your to-do list. Whether you are a sole practitioner or a partner in a law firm, you are busy and often overworked, and there is no need to also carry the stress of managing and filing your taxes. Farrukh Ahmed, CPA, provides accounting and tax services to lawyers and law firms in Mississauga, Toronto and across the Greater Toronto Area. Let our team handle this tax season and the ones that follow, so your time stays with your clients.
Did you know…
…Farrukh has held an accounting designation since 1992, first as a CGA and, since 2013, as a member of CPA Ontario, the professional body for Chartered Professional Accountants in Ontario? He previously worked with the CRA on tax matters for individuals and corporations. As the owner of a small practice, he has the time to care for each client and to offer consulting to legal professionals in Ontario. Beyond filing your taxes, he can help you plan for the future of your legal practice.
Over 30 Years of Ontario Tax Files
Farrukh has prepared tax returns in the Greater Toronto Area for more than 30 years, from his office in Mississauga or remotely if you prefer. Sole practitioners, associates paid on a T4 and partners in small firms each file differently, and he has worked through each of those situations.
He Taught Accountants at Sheridan
Farrukh has taught accounting at Sheridan College, including how to keep a practice’s books in cloud software. For a law firm, we use those programs to keep the general and trust ledgers separate and reconciled each month.
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Chartered Professional Accountant.
Accounting and Tax Services for Lawyers in the Greater Toronto Area
Outsourcing your legal accounting to Farrukh Ahmed, CPA, saves time and internal resources, and gives you direct access to a CPA and a team of accountants who work with legal professionals and take the time to answer your questions. Deadlines, trust reconciliations and filings are tracked on a calendar we share with you. Bookkeeping, payroll and tax returns for lawyers and law firms all stay in one office.
Trust accounting
Law firm accounting has rules of its own, set by the Law Society of Ontario for money held in trust. We keep a ledger for each client’s trust funds and reconcile your trust bank balances with your records every month.
We help you keep the trust account and the general account clearly separated and reconciled, so your annual filing with the Law Society is easier to prepare. Clean trust records and bookkeeping also help if the Law Society of Ontario ever reviews your books.
HST filings for your firm
We handle your HST registration and filings and claim the input tax credits on firm expenses. If the CRA reviews your filings, our CRA Assessment Support service represents you.
Practising through a professional corporation
For lawyers who practise through a professional corporation, we also look at the mix of salary and dividends and the tax on income left in the corporation.
We’ve worked with many self-employed lawyers and law firms. Our work for lawyers covers:
- Trust account reconciliation and record keeping
- Accounts payable
- Bill payments
- Financial statements for your law firm
- Payroll services
- Business tax return (T2) for professional corporations
- Business tax planning
- Personal income tax returns (T1)
- Tax minimization strategy
- Filing for tax refunds
- CRA Assessment Support, including correspondence and representation
- GST/HST filings, monthly, quarterly or annual
- Advisory & Consulting Services
- Incorporating your legal practice
- Partnership income and profit-sharing arrangements
- Operating expense analysis
- Bookkeeping
- Salary vs. dividend planning
See Review on Google
Farrukh has been my business accountant for many years now. He helped me incorporate, taught me Quickbooks, and he files my corporate year end taxes, as well as quarterly HST filings. He also provides overall financial advice and does my personal taxes. He is very quick to answer any questions or concerns, and very professional.
Specific Practice Areas
We provide accounting services to lawyers in many practice areas, from sole practitioners to small law firms across Toronto and the GTA. Not sure your situation fits? Start with a discovery call. If we’re a good fit, we’ll set up a complimentary strategy session at our office or on Zoom.
Accountant for…
- Family lawyers
- Divorce lawyers
- Criminal lawyers
- Employment lawyers
- Civil litigation lawyers
- Personal injury lawyers
- Real estate lawyers