ABA Urges Congress To Preserve Cash Accounting Method

Law360, New York (April 24, 2017, 6:36 PM EDT) -- The American Bar Association asked Congress to reject proposals in the latest tax overhaul that would force law firms and others to use an accrual accounting method instead of the standard, simple cash approach, saying this change could cause a “substantial financial hardship” for many.

In a pair of nearly identical letters to party leaders of the House Ways and Means and Senate Finance committees, ABA President Linda Klein said that while she commended Congress for taking steps to simplify the country’s tax laws, she warned that the new approach would unfairly require law firms and other business services entities to...

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