NJ Bar Group Tells Congress Tax Reforms Will Hurt Law Firms

Law360, New York (January 15, 2014, 3:43 PM EST) -- The New Jersey State Bar Association urged Congress on Wednesday to reconsider passing the Tax Reform Act in its current form, saying portions of the newly proposed law would burden law firms with new accounting standards and put a damper on firm expansion.

In a letter to House Ways and Means Committee chairman David Camp, New Jersey Bar Association President Ralph J. Lamparello said Section 212 of the draft legislation would require all law firms with annual gross receipts over $10 million to use the accrual...
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