Understanding Advanced Client Costs: A Deep Dive

In this episode of the Accountants Law Pod, Sarah and Steve unpack the complexities of advanced client costs (ACC) in law firms.

💡 What You’ll Learn:
The difference between hard costs vs. soft costs
Best practices for categorizing and recording expenses
IRS guidelines every firm should know
Internal controls to prevent costly mistakes
Why communication between attorneys, paralegals, accountants, and tax preparers is key

Whether you’re a seasoned professional or just getting started in legal accounting, this episode will help you manage ACC with clarity, compliance, and confidence.

01:01 Advanced Client Costs Overview
01:47 Handling Advanced Client Costs
03:40 Soft vs. Hard Costs
05:18 Tax Implications and Best Practices
15:00 Internal Controls and Approval Processes
17:51 Common Mistakes and Pitfalls

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Accountants Law Pod is hosted by Lynda Artesani, Sarah Prevost, and Steve Libhart and directed/produced by Teaira Burge and The Proper Trust. Music by ComaStudio from Pixabay - Edited by audiovideo_uk

Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.