New Options for Lawyer Retirement Plans Under the Economic Recovery Tax Act of 1981 |
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| Authors: | John S. Nolan |
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| Affiliation: | John S. Nolan;is a partner in the Washington, D.C., firm of Miller &Chevalier, Chartered;Chairman (1981-82), American Bar Association Section of Taxation;and an Affiliated Scholar of the American Bar Foundation. B.S., 1947, University of North Carolina;LL.B., 1951, Harvard Law School. |
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| Abstract: | Recent changes in the tax laws governing retirement plans may offer significant tax advantages to lawyers and other self-employed persons. The author discusses the provisions of the Economic Recovery Tax Act of 1981 as they affect self-employed lawyers and compares them with the advantages that may be obtained by incorporation—both firm incorporation and individual incorporations within a firm. He explores a variety of tax issues, including important related Tax Court decisions, and makes recommendations with respect to adopting a strategy by a particular lawyer or firm. |
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