Legal Professionals

When you’re in need of advice on issues of running your firm, we are happy to help. In this time of dynamic change, we help with law firm valuation as you plan for mergers, acquisition and even liquidation. We are honored when you ask for our advice on planning for the right succession. Our expertise is highly valued in buy-sell agreement consulting for law firms.

Cover & Rossiter understands how your law firm operates and what we can help you with to ensure success. For many of our law firm clients we provide:

• Financial statement compilations, reviews and audits
• Federal, state and local tax return planning and preparation
• Year-round tax planning for the firm, partners and clients
• Internal control systems and policy development

Cover & Rossiter provides accounting and tax services to attorneys working with clients considering bankruptcy as an option. In these complex decisions, we can assure you that our ability to help you understand the financial impact of all potential options is a valuable addition to your advice. Working as a team to help you find the right solution for your client is integral to how we work.

One of our most requested services for clients is preparing the vast array of federal and state documents related to estates and trusts, including:

• Preparation of federal and state trust income tax returns including simple and complex trusts, grantor trusts, charitable remainder/split interest trusts, irrevocable life insurance trusts, and qualified personal residence trusts.
• Preparation of federal and state estate income tax returns.
• Development of gift tax returns.
• Trust accounting in the format required by the courts for probate estates, trusts and conservatorships, and also for trustees and beneficiaries.

We believe in starting with excellent estate tax planning, as it ensures the right decisions are made to best maintain your desired wealth. It will also help prepare for the estate and trust administration when it is eventually needed. Our role can include making distributions to beneficiaries, performing bank reconciliations, making bank deposits and paying bills of the estate/trust, and maintaining the financial records needed for tax return and court filing preparation.

If your firm specializes in the trust company area, our services include:

• Joint client relationship management.
• Preparation of income tax filings.
• Preparation of financial statements.
• Reconciliations of investments to the custodial records.
• Maintaining cost basis schedules for investments and investors.

Cover & Rossiter has an extensive forensic accounting practice, including testimony in the Chancery Court of Delaware, Superior Court of Delaware, United States Tax Court, Bankruptcy Court and Delaware Family Court. We have been expert witnesses for civil and criminal cases, and for both plaintiffs and defendants.

Some cases include the valuation of a partnership interest in a cash out merger, determination of whether a fee charged by a municipality is a hidden tax, determination of whether an individual engaged in mortgage fraud, accountant’s malpractice in the fraud of a municipality, and a Family Court case regarding the valuation of a personal service business.

This varied nature demonstrates our overall business knowledge and ability to digest data and develop a coherent financial message or calculation of damages. When you need support in litigation, turn to us.