Law Practice
Jan. 31, 2014
Firms fretting over looming proposal to overhaul accounting methods
The Tax Reform Act of 2013 seeks to require all law firms and other personal service businesses with annual gross receipts of more than $10 million to pay taxes using the accrual method of accounting rather than the cash receipts method.
Daily Journal Staff Writer
A looming tax reform proposal has law firms worried that their long-favored accounting methods may be altered for good. Sections of the congressional Tax Reform Act of 2013 seek to require all law firms and other personal service businesses with annual gross receipts of more than $10 million to pay taxes using the so-called accrual method of accounting rather than the cash receipts method.
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