Don’t Risk a 28% IRS Penalty, Possible Ethics Issues Involving IOLTA Accounts

Check With Your Credit Card Processor Before January 1

The IRS now requires that credit card processors report all gross credit card transactions processed for businesses (including lawyers and law firms) and will impose a 28 percent withholding penalty on all transactions if the taxpayer identification number (TIN) and the legal name on each account does not match exactly. (Read Article with Details and Advice from LawPay)

MoBar Quick Info

Organization and Purpose: The Missouri Bar is the statewide organization that all Missouri lawyers must belong to if they practice law. The Missouri Bar was created in 1944 by order of the Supreme Court of Missouri. It is considered an instrumentality of the state, not a private association nor a state agency. Its mission is to improve the legal profession, the administration of justice, and law on behalf of the public.

Member Size: Currently, the bar is comprised of about 32,000 members.

Staff Size: The executive director, Sebrina Barrett, supervises a staff of 50 employees. Click here to see a Staff Directory

Budget: Approximately $10 million. No tax dollars are used to support Missouri Bar activities. Most money is derived from dues that lawyers pay; some is derived from CLE programs and publications, grants and The Bar Foundation.

Governance: The Board of Governors of The Missouri Bar determines policies and sets the course of action for the state bar to follow. The 45 members of the Board are elected by bar members. The Board elects a president, president-elect and vice president to serve as officers of the bar.

Sections and Committees: The Missouri Bar offers more than 50 substantive law committees for its members to join. It also has two sections: a Family Law Section, and the Young Lawyers' Section.

Location: The Missouri Bar Center is located in Jefferson City, at 326 Monroe St.

Missouri Bar Resources and Activities: The Missouri Bar provides a wide variety of services and resources, not only to its members, but also to the news media, school teachers and the citizens of Missouri. These include: CLE programs and publications, an Annual Meeting, a Solo and Small Firm Conference, teachers’ programs, committee meetings and extensive services for attorneys. The bar also administers a minimum continuing legal education requirement for attorneys.