Accounting for Lawyers

Originally held on Thursday, July 30, 2020 | 9:00 am – 12:00 pm

Howard H. Fine
Partner-in-Charge, Accounting & Auditing Group, Gettry Marcus CPA, P.C.

Dean L. Surkin
Tax Director, Gettry Marcus CPA, P.C.

• Description
• Agenda
• CLE Credit
• Sponsors

• Whether you’re a transactional attorney or a litigator, when financial and accounting records emerge in the legal matter you’re handling, it helps to know some accounting basics. The numbers always tell a story—one that may support your legal position.

  This basic level program will provide an overview for the non-accountant attorney of key accounting principles including:

  • Overview of Generally Accepted Accounting Principles (GAAP)
  • How to read:
    • The Balance Sheet
    • The Income Statement
    • The Statement of Cash Flows
    • The Notes to the Financial Statements
  • Examples of financial statements by different industries
  • How to analyze financial statements for key indicators and financial statement ratios
  • Recent Accounting Developments
  • How to read a tax return
    • Tax forms associated with different entities
    • Identifying sources of income
    • Tax deductions that do not equal economic outlay
    • Differences between financial accounting and tax accounting
  • Discoverability of tax returns
    • Federal statutes
    • Case law
    • Will a tax return answer your questions

  Attendees of this program will be able to recognize the relevant accounting principles at work and how they may impact the outcome of legal matters.

  Program Fee:
  $69 for Members | $169 for Nonmembers

  Members who are Recent Law Graduates, Newly Admitted Lawyers (admitted for the first time in any state or country 2018-2020), In-House/Corporate Counsel, Judges, or attorneys that practice within the Government, Academic or Not-for-Profit sectors attend this program for free.

• 9:00 am – 9:10 am
  Introduction of Financial Statements

  9:10 am – 9:15 am
  Overview of Generally Accepted Accounting Principles (GAAP)

  9:15 am – 9:55 am

  How to Read:

  • The Balance Sheet
  • The Statement of Income and Retained Earnings
  • The Statement of Cash Flows
  • The Notes to the Financial Statements

  9:55 am – 10:05 am
  Examples of Financial Statements by Different Industries

  10:05 am– 10:20 am
  Recent Accounting Developments

  10:30 am– 10:45 am
  Fraud Issues on Financial Statements

  10:45 am – 10:50 am
  Break

  10:50 am – 11:30 am
  How to Read a Tax Return

  • Tax forms associated with different entities
  • Identifying sources of income
  • Tax deductions that do not equal economic outlay
  • Differences between financial accounting and tax accounting

  11:30 am – 11:55 am

  Discoverability of Tax Returns

  • Federal statutes
  • Case law
  • Will a tax return answer your questions

  11:55 am – 12:00 pm
  Question/Answer Session

• CLE Credit
  New York: 3.5 Skills
  New Jersey: 3.5 General
  California: 2.5 General
  Pennsylvania: 2.5 General
  Connecticut: Available to Licensed Attorneys

  Please Note: Newly admitted NY attorneys cannot fulfill ethics or skills credits through our on-demand programs under OCA rules. For more information on this, please see http://www.nycourts.gov/attorneys/cle/changes_for_2016.shtml.

• Sponsorship Opportunities are Available! Please Contact:
  Angie Avila, Manager, Membership Outreach and Sponsorships | (212) 382-6608 | aavila@nycbar.org

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