Tax Reform Bill Threatens BigLaw With Accounting Change

Law360, New York (February 27, 2014, 1:47 PM EST) -- The latest tax overhaul bill unveiled Wednesday by House Ways and Means Chairman Dave Camp, R-Mich., continues to threaten BigLaw with a mandatory switch to the accrual method of accounting, although the bill doubles the time for compliance included in previous legislation.

Under the Tax Reform Act of 2014, all business entities, including personal service companies such as law firms, with annual gross receipts over $10 million must use the accrual method of accounting instead of the cash method, but they would have eight years to...
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