Since the first S corporation elections appeared in 1958, the wholesale and retail trade division has dominated key financial measurements under both the Standard Industrial Classification (SIC) system and the North American Industry Classification System (NAICS). As reported in the Spring 2007 IRS Statistics of Income Bulletin, back in 1959, the wholesale and retail trade division represented 44.4 percent of all S corporations filed, or nearly 32 thousand out of the 71 thousand returns. Some forty-five years later, for the tax year 2004, wholesale and retail still represent the largest portion of total receipts, total deductions, portfolio income, total net income (less deficit), and total assets for S Corp filings.
To access the Spring 2007 SOI Bulletin, click here; the item on S corporation filings, with a link to related S Corp statistics, is at the bottom of the page.
Are analysts worth as much as first-year lawyers?
Don't feel guilty about billing high for expert witness engagements. "New associates at leading law firms are being hired at $160,000,” Hon. Edwin Torres of the 11th Judicial Circuit told attendees gathered for lunch at NACVA’s 14th Annual Consultant Conference in Washington, D.C. “I was once a first-year associate so I know that they're not worth that much."
What do consumers think? “The publicity irritates corporate clients, who understandably don't want to bankroll the training wheels of novice lawyers," reports the San Francisco Chronicle. “And partners grumble when they take a hard look at the statistics: 37% of associates leave their firms within three years, long before firms have had a chance to recoup their investment.”
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