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Tech Tip #19: Be Sure to Apply WIP Correctly During Tax Preparation

Canadian law firms must be sure they are properly accounting for WIP for their 2018 tax preparation. A change to the rules has eliminated the option to exclude WIP from taxable income and now requires it to be included as inventory. Much of what should be included will be up to the firm’s judgment, so prepare in advance how you will make the determination in order to stay compliant. Learn more about how changes to tax rules affect WIP in your law office.

 

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CosmoLex is a leading legal practice management solution that is trusted by thousands of law firms across North America. CosmoLex is a single solution that lets solo legal professionals & small law firms manage their practice, billing, AND accounting all in one login, on any device, at any time. CosmoLex users can eliminate the need to maintain multiple programs because CosmoLex does it all -- including time & expense tracking, billing, business accounting, trust (IOLTA) accounting, calendaring, task, email & document management, even secure client communications -- in one web-based application.