CPAs Say Tax Reform Proposal Could Hurt Small-Biz Growth

Law360, San Francisco (December 5, 2013, 8:47 PM EST) -- The American Institute of Certified Public Accountants on Thursday urged Senate Finance Committee Chairman Max Baucus to reconsider a tax reform proposal requiring some businesses to use the accrual method of accounting, arguing that it could hinder business growth and even snuff merger opportunities.

In a letter to Baucus, D-Mont., and Sen. Orrin Hatch, R-Utah, AICPA tax executive committee chair Jeffrey Porter argued that their proposal would hurt natural persons, pass-through entities, personal service corporations and farmers, which would be required to use the accrual method...
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