Accounting and Taxation for Paralegals

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  • Edition: 1st
  • Format: Paperback
  • Copyright: 2001-03-20
  • Publisher: Prentice Hall

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Supplemental Materials

What is included with this book?


This one-of-a-kind, practical text presents the ethical issues faced by paralegals and legal assistants in the field. It provides an overview of the elements of accounting and taxation as found in law offices. Contains graphic illustrations and numerous examples. Covers ethical issues, the concepts of accounting, financial statements, federal income tax, and much more. For anyone interested in Accounting with Taxation, survey for paralegals in accounting, introductory Accounting for lawyers and IRS training.

Author Biography

Thomas F. Goldman is an attorney at law with a federal, state, and local practice. He graduated from Boston University with a major in Accounting and practiced accounting while pursuing a law degree from Temple University School of Law. He has lectured widely and has taught accounting, management, and paralegal courses. He is currently a Professor of Law and Management at Bucks County Community College, where he has been coordinator of Paralegal Studies.

Table of Contents

1. Introduction to Accounting.
2. Accounting: The Concepts.
3. The Building Blocks of Accounting.
4. Financial Statements: The Pictures of a Business.
5. Keeping the Records: Journals and Ledgers.
6. Adjusting and Closing Entries and Preparation of Statements.
7. Applications in the Law Office.
8. Payroll Accounting.
9. Attorney-Client Accounting.
10. Court Accounting.
11. Federal Income Tax.
12. State and Local Income Tax.
13. Fiduciary Taxation: Trusts and Decedents' Estates.
14. State Estate Tax.
15. Federal Estate and Gift Tax.
16. Using the Internet.
Appendix A: Accounting and Tax Websites.
Appendix B: Alternative Ways to Obtain Federal Forms and Instructions.
Appendix C: Model Executor's Account and Model Trustee's Account.


PrefaceThis book is written in response to numerous requests from paralegals for help in preparing the tax and accounting forms that come across their desks on a regular basis. With the increasing reliance upon paralegals as members of the law office team has come increased dependence on paralegals for the preparation of forms and documents that require a basic understanding of accounting and taxation.Accounting and Taxation for Paralegalsis designed to provide those fundamentals. Hopefully, it will retain a place on your desk as a reference work after you have completed the course.Frequent reference is made inAccounting and Taxation for Paralegalsto various ethical rules. Financial matters have become increasingly important in the lives of individuals, and it is important to keep in mind the ethical obligations of both the supervising attorney and the paralegal in the preparation of financial statements, tax returns, and reports to the court and beneficiaries. Although the rules of accounting may change, tax forms may vary, and court rules may become more demanding, the constant in any profession is the obligation of competence.The material presented herein will provide you with an introduction to the fundamental concepts. But change is inevitable, particularly with regard to the preparation of tax returns. Always be certain that you are using the most current, forms and following the most current laws, regulations, and guidelines.I offer special thanks to my paralegal, Edith Hannah, for her insight and help in preparing the checklists and forms. I also owe a special debt of gratitude to my late uncle Ralph Welensky, accountant extraordinaire, for showing me that accounting records and tax returns are not numbers in isolation, but are the result of a person's life and that the records and tax returns tell the stories of individuals and their families. Finally, a debt of appreciation goes to the following reviewers for their insightful comments and suggestions: Noel McKeon, Florida Community College; Linda Cabral Marrero, Mercy College; and Laura Barnard, Lakeland Community College.As you work with the next "shoebox" of material dropped off by a client, think of the story the records tell and you will never again think of accounting as dull and boring.

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