Law Partners Could Pay For Tax Code Change: Experts
Law360, New York (February 23, 2012, 10:46 PM EST) -- Lawyers could pay stiffer prices for seats at the partnership table if U.S. business partnerships were taxed more like traditional corporations under the Obama administration's corporate tax reform proposal, but there are still ways for law firms to preserve their current tax status if the changes come to pass, experts say.
While the administration's proposal, unveiled Wednesday, wasn't long on specifics, it called for "greater parity between large corporations and their large noncorporate counterparts."
Partnerships, as opposed to traditional corporations, aren't subject to corporate taxes, so all profits are passed through to the partners. Typically, law firms collect money, pay out...
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