Congress Considers Mandatory Accrual Accounting for Professional Services Firms

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Nearly every day we read that the House is passing bills to permanently extend expiring tax credits and benefits for many individuals and small businesses. It appears that they intend to have attorneys, doctors, accountants, and other professional service providers foot the bill for these breaks. The Joint Committee on Taxation estimated that it could raise $23.6 billion over the next 10 years simply by forcing professional services firms with gross receipts greater than $10 million to use the accrual method of accounting.

Under current law, doctors, lawyers, and other professional service providers doing business as a partnership, LLC, …read more

Read more here:: Tax

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