The Boston Bar Association yesterday urged the members
of the Massachusetts Congressional Delegation, House Ways and Means Chairman
Dave Camp, and Ranking Member Sander Levin to oppose the federal taxation
proposal contained most recently in Section 3301 of the discussion draft of the
"Tax Reform Act of 2014." If enacted, this provision would burden all law
firms, accounting firms, medical practices, and other professional service firms
operated as partnerships or S corporations with gross receipts over $10 million
by requiring them to use the accrual method of accounting.
tax code amendment would have a severe impact on the legal profession and the
practice of law. We will continue to monitor what happens with this
important piece of legislation. Read our letter here.