Related Posts
Peanut Butter Blossoms
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Peanut Butter Blossoms
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Download the Fishbowl app to unlock all discussions on Fishbowl.
Copy and paste embed code on your site
Scan your QR code to download
Fishbowl app on your mobile
Timing of returning your capital, pension vesting, final comp payouts (ie will you get less than you otherwise would had you not informed the firm if your pending departure on the final YE payout), liabilities for PTE taxes, etc. lots to consider and you need to understand the partnership agreement.
Would you be going to another firm as a partner or out of PA. If lateral move to another firm, a big issue is potential bunching of income. May wind up with 2 K-1s and a monstrous tax liability. Timing of capital repayment vs capital payments at new firm. State tax filings are messy. Also, be sure you understand non-compete of firm you are leaving.
If you leave right at end of the fiscal year - what is the financial impact? Just getting screwed on the year end distribution or are you still entitled to that since you worked the entire year?
Lol I have the exact same question.