lawyer module 1 flash card

Legal aid for low-income individuals is an example of a program funded by IOLTA interest.

• Legal aid for low-income individuals

• Scholarships for law students

• Public defender services for wealthy individuals

• Corporate legal consulting services

Purpose of E-Invoicing Mandates

• To improve tax compliance.

• To reduce the cost of goods sold.

• To increase customer satisfaction.

• To enhance product quality.

Mandatory if sales exceed RM25 million per year

• 1 August 2024

• 1 January 2025

• 1 June 2023

• 1 December 2024

Mandatory if sales exceed RM25 million per year

• Implementation date: 1 January 2026

• Implementation date: 1 January 2025

• Implementation date: 1 January 2027

• Implementation date: 1 January 2024

Benefit of E Invoicing

• Reduce manual process and error

• Increase paperwork

• Facilitate tax submission

• Increase costs

E-Invoicing for Law Firms

• A tool for regulatory compliance, efficiency improvements, and financial accuracy.

• A method for increasing paper usage in law firms.

• A software for managing physical invoices only.

• A system that eliminates the need for digital records.

Lawyers and law firms use Trust accounts.

• To hold client funds.

• To pay legal fees directly.

• To store confidential documents.

• To manage court fees.

Specific guidelines on E-Invoices

• Refer to specific guidelines.

• Follow general practices for invoicing.

• Use paper invoices instead.

• Ignore electronic formats.

New business commencement

• From year 2022 onwards

• From year 2023 onwards

• From year 2024 onwards

• From year 2021 onwards

Trust Accounting

• Client funds held separately in trust accounts (IOLTA).

• Client funds combined with operating funds.

• Client funds held in a general account.

• Client funds invested in high-risk securities.