What services does DWK Tax & Accounting offer?

DWK Tax & Accounting offers tax preparation and planning, bookkeeping, accounting, business advisory, and outsourced CFO services for individuals and small businesses in Wheaton, IL and DuPage County.

Where is DWK Tax & Accounting located?

DWK Tax & Accounting is based in Wheaton, Illinois, serving clients throughout DuPage County including Naperville, Glen Ellyn, Lisle, Downers Grove, and the greater Chicago suburbs.

Do you work with small businesses?

Yes. DWK Tax & Accounting specializes in serving small business owners, entrepreneurs, and growing companies who need more than basic tax compliance, including strategic advisory and fractional CFO support.

How do I schedule a consultation?

You can schedule a consultation by visiting https://dwkcpa.com/contact, calling (708) 369-0044, or emailing david@dwktaxaccounting.com.

Why do law firms need a specialized CPA?

Law firms have accounting requirements that generic bookkeepers cannot handle: IOLTA trust account management and three-way reconciliation, contingency fee revenue recognition, partner compensation and distribution tracking, and compliance with the Illinois Supreme Court's trust account rules. A CPA who understands law firm accounting ensures your trust accounts are compliant and your tax strategy is optimized for the legal profession.

What is IOLTA trust accounting and why does it matter?

IOLTA (Interest on Lawyers' Trust Accounts) holds client funds in separate trust accounts, with interest paid to the Illinois State Bar. Law firms must maintain these accounts separately from operating funds and perform three-way reconciliation monthly, matching the trust ledger, the client ledger, and the bank statement. Errors in trust accounting can result in disciplinary action, so accuracy is non-negotiable.

How do you handle contingency fee revenue recognition?

Contingency fees create a timing challenge, you may work a case for years before receiving payment. We track contingency cases in progress, recognize revenue when the fee is earned (at settlement or judgment), and ensure your financials reflect both earned and unearned fees. This prevents overpaying taxes on income not yet received and ensures proper matching of case costs to fee revenue.

Can you help with partner compensation and distributions?

Yes. We track each partner's capital account, calculate profit-sharing distributions according to your partnership agreement, and prepare the K-1s that each partner needs for their personal tax return. Whether your firm uses equal shares, origination credits, or a hybrid compensation model, we ensure the accounting supports it accurately.

What tax strategies are specific to law firms?

Law firms benefit from several strategies: S corp or partnership entity optimization, retirement plan structuring (defined benefit plans can be especially valuable for high-earning attorneys), Section 179 for office equipment, and timing of contingency fee recognition. We implement these strategies proactively rather than reactively at tax time.

Law Firms

Law Firm CPA & Accounting in Wheaton, IL

Law firms have accounting requirements that go far beyond standard bookkeeping, IOLTA trust accounts, contingency fee recognition, partner compensation tracking, and compliance with the Illinois Supreme Court's rules on client funds. DWK Tax & Accounting provides CPA services to law firms across Wheaton and DuPage County, ensuring trust accounts are reconciled, partner distributions are accurate, and tax strategy is optimized for the legal profession.

What We Handle for Law Firms

IOLTA trust account management and reconciliation

Three-way trust account reconciliation

Contingency fee revenue tracking and recognition

Partner capital account and distribution tracking

Partnership tax return (Form 1065) and K-1 preparation

S corp election and reasonable compensation analysis

Time and billing system integration

Retainer trust deposit tracking

Legal industry-specific tax strategy

Retirement plan structuring for attorneys

Trust Account Compliance

Mishandling client trust funds is one of the most serious risks a law firm faces, it can lead to disciplinary action, suspension, or disbarment. Proper trust accounting is not optional; it is a professional obligation.

David Korzeniowski, CPA manages IOLTA trust accounts with the rigor they require, three-way reconciliation, separate tracking of each client's trust balance, and clear separation from operating funds. You can be confident that your trust accounts are compliant and audit-ready at all times.

Related Services

Partnership Tax Preparation Monthly Bookkeeping Tax Planning & Strategy Fractional CFO Advisory Business Consulting

Serving DuPage County

CPA in Wheaton, IL CPA Serving Oak Brook, IL CPA Serving Naperville, IL

Why Choose DWK

A CPA Partner Who Invests in Your Success

Business owners choose DWK Tax & Accounting because they get direct access to a licensed CPA who understands their industry, their goals, and their numbers, not a revolving door of staff.

Licensed Illinois CPA

David Korzeniowski is a licensed Certified Public Accountant in the State of Illinois, not a seasonal tax preparer or a software dashboard. Every return is prepared and reviewed by a CPA who is accountable for accuracy and compliance.

Small Business Experience

8+ years working with contractors, restaurants, medical practices, law firms, e-commerce, real estate investors, and consultants across DuPage County. Industry-specific knowledge means better deductions and fewer surprises.

Year-Round Support

Tax strategy doesn't stop in April. David is available throughout the year for questions, planning conversations, and proactive adjustments, not just at filing season.

Proactive Tax Strategy

We plan ahead. Entity structure, timing, retirement contributions, and quarterly estimates are reviewed continuously so you keep more of what you earn, legally and strategically.

Personalized Planning

Every business is different. Recommendations are built around your specific circumstances, goals, and growth plans, never a generic template or a one-size-fits-all checklist.

Local & Accessible

Based in Wheaton, serving DuPage County and the western suburbs. You can call, email, or meet in person. No call centers, no overseas outsourcing, no account handoffs.

Meet David Korzeniowski, CPA Read Client Reviews View Success Stories

Frequently Asked Questions

When Should You Hire a CPA Year-End Tax Planning Checklist

Ready to Get Started

Take Control of Your Financial Future

Whether you need strategic tax planning, business advisory, or CFO-level financial leadership, DWK Tax & Accounting is ready to serve as a dedicated financial partner for your business.