Tax
Jun. 7, 2017
Don't keep two sets of books
Lawyers are often good at compartmentalizing. They have to keep legal matters separate, personal and business separate, and more. But should they have two different sets of books for different purposes? By Robert W. Wood
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Lawyers are often good at compartmentalizing. They have to keep legal matters separate, personal and business separate, and more. But should they have two different sets of books for different purposes? It is hard to think of a case in which this is ever a good idea.
It certainly isn't when it comes to taxes. In fact, two sets of books is one of the classic red flags for the Internal Revenue Service. If ...
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