Any experience with leaving your firm mid year? Understand it may create additional complexities for taxes and create a lag in cash flow. Anything else to consider?

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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.

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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.

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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?

smart

Lol I have the exact same question.

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