Tax
Feb. 5, 2013
Credit cards, law firms and the IRS
There may have been a time when blue blood law firms didn't take credit cards. These days, however, most lawyers are happy to get paid via check, credit card or even cash.
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.
There may have been a time when blue blood law firms didn't take credit cards. These days, however, most lawyers are happy to get paid via check, credit card or even cash. The rules for accepting payments in cash haven't changed in decades. You must issue a form to the Internal Revenue Service reporting any transaction with more than $10,000 of cash.
Credit card rules, though, have changed significantly. We all know that accept...
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