The Boston Bar Association yesterday urged the members of the Massachusetts Congressional Delegation, House Ways and Means Chairman Dave Camp, and Ranking Member Sander Levin to oppose the federal taxation proposal contained most recently in Section 3301 of the discussion draft of the “Tax Reform Act of 2014.” If enacted, this provision would burden all law firms, accounting firms, medical practices, and other professional service firms operated as partnerships or S corporations with gross receipts over $10 million by requiring them to use the accrual method of accounting.
This tax code amendment would have a severe impact on the legal profession and the practice of law. We will continue to monitor what happens with this important piece of legislation. Read our letter here.
