Making the Tax System Work for You

Strategies for Solo & Small Firm Lawyers

As entrepreneurial attorneys operating a solo or small law firm, you may have overlooked the importance of effectively planning for the tax consequences of owning and operating a business. Very often small business owners, including attorneys, are surprised by unwelcome tax bills from the IRS or state and local taxing authorities. Kimberly Pray, Catalyst Law LLC, will explain how to make the tax system work for you, not against you, with some effort and planning. This presentation will focus on strategies to minimize the amount of tax paid, ensure funds are put aside to pay any tax due, and make your firm more profitable. All attendees will receive a complimentary download of the first five chapters of the book, Profit First, by Michael Michalowicz.
Topics to be discussed include: 

  • Choice of entity – differences between Sole Proprietorship, Limited Liability Company, or Professional Corporation
    • Tax Cuts and Jobs Act
    • S-election (PC or LLC)
  • Federal Tax Compliance
    • Recordkeeping Requirements
    • Withholdings (estimated tax due)
  • State of Oregon – business activity tax
  • Multnomah County/City of Portland – business taxes depending on principal place of business, job location
  • Profit First – A cash management system that will assist any business – of any size, in any industry, no matter how much debt it carries or how many years it has been operating — to become permanently profitable. Catalyst implemented the Profit First system in January 2017, which helped the firm double revenue in 2018 and put the firm on track to double revenue again in 2019.

Cost: $20 members/$60 non-members.

Lunch is provided.

The MBA will apply for one hour of CLE credit.

Register below or use this flyer.

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Wednesday, November 13, 2019

12:00pm - 1:30pm

Hotel Monaco, 506 SW Washington St., Portland