As most attorneys well know, trust accounting for IOLTA trust accounts as mandated by the NC State Bar can be a daunting and stressful task. If you didn’t know that, be sure to take a look at the 125-page handbook. To make things even more difficult, the Bar even has an auditor whose job is to go around North Carolina and randomly select attorneys in order to audit their trust account. Violations of trust account rules can result in substantial penalties as well as loss of license for an attorney. Do not let your firm be one that is found out of compliance. Our firm is uniquely positioned to help you navigate the complexity of trust account compliance and comply with these rules.
We provide a full range of services including assistance with setup, maintenance, and reconciliation of your trust account as a standalone service, or on conjunction with our outsourced accounting packages. We realize that there’s rarely a one-size-fits all approach that works, so we’d love to talk and see how we can help out! We call ourselves the IOLTA CPAs.
Although it is little known, attorneys in North Carolina can seek a 15 month immunity from the dreaded trust account audit by engaging a CPA firm to audit their trust account. So if you’re confident your firm is already in compliance with the stringent IOLTA rules of the NC State Bar, you can engage our firm to audit your trust account, and apply for such an exemption. Then if your firm is randomly selected for audit (which can happen sooner than you may want to believe) the state bar will have to move on to someone else.
Do not waste your valuable time trying to keep up with the complexities of trust accounting. Do not risk being out of compliance. Call us today and leave your trust accounting to the accounting professionals.