Volume 21 - Number 10 | October 2008
| October issue in PDF Format … |
| Section 79 Planning Opportunities By Lawrence L. Bell, Theodore J. Zouzounis and Stephen M. (Pete) Peterson Closely held businesses produce over 50% of the Gross National Product ("GNP"). Less than 50% of these businesses have a continuation plan and almost one-third of these companies (29%) use a buy-sell arrangement to assist in their planning. Buy-Sell agreements are very simple tools that over the years have grown to meet increasing needs of closely held businesses. |
| Partner Care By Nancy Regan and Stanley Kolodziejczak In an ever-increasing competitive environment, it becomes more and more difficult for law firms to distinguish themselves from their competitors. A quick scan of some of the better-known firm Web sites shows that many firms often look and sound alike. However, it is the quality and caliber of the attorneys that set the firms apart. Saying you’re distinctive is much easier than proving it to the marketplace, your partners and staff. One area in which your firm can build distinction and establish itself as a leader is Partner Care. |
| Unreasonable Compensation to PC Shareholders: The IRS Gains a Victory By James D. Cotterman The general view has been that unreasonable compensation claims against shareholder employees of professional corporations was not an issue. In Pediatric Surgical Associates P.C. v. Commissioner, the Tax Court determined that compensation paid to the shareholder physicians was unreasonably high because it exceeded the value of the services performed. Many law firm professional corporations could face this same issue. |
| ERRATUM In an article that appeared in the September 2008 issue, Measuring Realization to Improve Firm Profits by K. Jennie Kinnevy, the author’s biography was inadvertently omitted. |
