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CPA/Lawyer question
Posted on 5/16/12 at 4:15 pm
Posted on 5/16/12 at 4:15 pm
anyone ever see a scenario where a CPA or lawyer worked for another CPA or lawyer (full-time, received w-2) and also did that same type of work on the side....like have a W-2 and file a schedule C for the same business activity
if so, how common is it?
if so, how common is it?
2
Posted on 5/16/12 at 5:26 pm to Ford Frenzy
why would it be any different than a painter or a doctor doing it?
Posted on 5/16/12 at 5:54 pm to Ford Frenzy
For most legal jobs it would be considered moonlighting. I guess it just depends on your employment contract. My firm pays for all my expenses to practice law (dues, CLE cost, malpractice ins.) and our agreement is that all legal work I do, unless prior approval is given, is done through the law firm. I think this is the norm. I can't speak for CPAs.
Posted on 5/16/12 at 6:02 pm to rmc
How strict are they on that? If they found out you did some off the books work for a family member, would you be in hot water?
Posted on 5/16/12 at 6:56 pm to Jim Rockford
Honestly, it probably depends on the amount I collected as a fee. If I did a will for a family member and charged them something low like $200.00, I doubt it would be a big deal. If I did a personal injury case and collected $10k, it would likely be a problem. It probably just depends from firm to firm. If I am going to do something as cheap as a $200 will for a family member, I will probably just do it for free (depending on how much I like them). Otherwise, I'll just run it through the law firm.
Posted on 5/16/12 at 7:54 pm to rmc
I work for the feds and they have specific rules about the types of moonlighting you can do. Basically, I can't do any kind of legal work that involves my field of employment or the fed. govt. as a party... It's covered in formal ethics training we get every so often.
I am looking to do part-time solo work once I get my bar membership. It'll probably be stuff like transactional work, family law, landlord/tenant, or whatever else comes my way. It would be really nice to work on stuff in my field, but no dice...
I am looking to do part-time solo work once I get my bar membership. It'll probably be stuff like transactional work, family law, landlord/tenant, or whatever else comes my way. It would be really nice to work on stuff in my field, but no dice...
Posted on 5/16/12 at 8:09 pm to rmc
quote:
and our agreement is that all legal work I do, unless prior approval is given, is done through the law firm.
thats the norm.
I think most firms allow you to bring in outside work and let you keep a % of it.
from what I hear, 1/3 is normal.
Posted on 5/16/12 at 8:13 pm to TortiousTiger
1/3 is what i'm allowed.
that said, i do all of my in-laws' company's notary work and make a good chunk of change on the side.
that said, i do all of my in-laws' company's notary work and make a good chunk of change on the side.
Posted on 5/16/12 at 8:44 pm to theOG
I work for a CPA but I was contacted by a family member to straighten up a mess for someone he knows, I'm doing all the work at home on the "side" just wondering if I should bill them and keep it or tell my boss "hey here's what I made and here ya go"
I'm also a CPA so I know I should know this
Eta: I'm salaried
I'm also a CPA so I know I should know this
Eta: I'm salaried
This post was edited on 5/16/12 at 8:46 pm
Posted on 5/16/12 at 8:44 pm to TortiousTiger
quote:
from what I hear, 1/3 is normal.
My salary is structured such that any work I do, I get a percentage of. I'm not salaried. That has its drawbacks and advantages. Thankfully for me, a large bit of work was already waiting when I got there.
I do have a friend also in a small/solo and he gets salary and 1/3 of whatever he brings in. I've heard that at a few other places also.
Posted on 5/17/12 at 9:36 am to rmc
Bump for rmc beating my post by seconds
Posted on 5/17/12 at 9:48 am to Ford Frenzy
There is no tax issue, it is the issue that if you get caught by your employer what happens. I lady in our firm accidently left an invoice she faxed to someone she was doing side work on. Boss found it, and she is no longer employed here. We have an agreement that all work goes through the firm.
Posted on 5/17/12 at 10:19 am to LSUMon
Ok thanks, I wasn't worried about taxes...we have no agreement bc it's just me and my boss doing work, I'm pretty confident if the people I'm doing the work for knew they wouldnt be paying me directly they wouldn't have asked, especially since I'm doing it on my off time
Posted on 5/17/12 at 10:48 am to Ford Frenzy
quote:
we have no agreement
hence:
quote:
it's better to seek forgiveness than ask for permission
if it ever becomes an issue with your boss
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