Reply To: Tax Time Nightmare….Trump’s Tax Reforms Cost me big time

@lakewhut

Don’t give advice about which you know nothing!
I can’t switch my law firm from an ‘S’ Corp when it has never been one. In General, law firms are not corporations. They are partnerships, sole proprietorships or limited liability companies. An non-attorney may not have an ownership interest in a law firm in most US jurisdictions. This no widow or ex-wife could end up with a piece of the firm in a death or divorce.

In my case, until 2018, the Law Offices of CTL was a sole proprietorship. Once the last of my children had passed the bar and joined the family practice I established several net partnerships, one for CT and another for each out of state office. Not all my kids are licensed in all 4 states where I am.