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Invoice management of risk and prevention on tax of law firms

Invoice management of risk and prevention on tax of law firms     Download

In recent years, the intensifying competition in legal service market, and increasing costs like manpower cost and office costs, the profit margins of many law firms kept declining in the mass. To make matters worse, since 2012, the expansion of replacing the business tax with a value-added tax and the spot check taxation reform implemented on law practice, the taxes of many firms increased to certain extent.  The tax burden of some law firm’s partners with higher per capita income even more than doubled, to around 30%. Some law firm’s partners paid too much attention on the impact of tax increase on their own interests, and ignored the compliance risks in daily accounting and tax treatment, especially the risks in invoice management, which would inevitably bring tax-related risks to the law. In current information, we will mainly discuss the common problem and tax related risk prevention in law firms invoice management, in hope of help firms improving their own invoice management problems.
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