Trust Accounting & Credit Cards – A Potentially Combustible Pair

Colleague Peggy Grueneke, in her blog lawbizcoo, explains how the new IRS regulations concerning credit card acceptance create a very nasty web of ethical, financial and legal  traps for law firms. Accepting credit cards is increasingly important for all attorneys, but these new regulations create a level of complexity that could stop some from doing so. Clearly the new regulations come from the retailer point of view (users are all labelled “merchants”) and never considered the issues of trust accounting and retainers. An absolute must-read. if you’re out of compliance you could also be out of luck.