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US law firms face onerous tax changes
The American Bar Association has criticised the proposals which would impact firms with $10m or more annual gross receipts.
The ABA has warned law firms about new tax legislation Creative Images
ABA President William Hubbard said that the proposed legislation would require small businesses to switch from a cash method of accounting to an accrual. He said that the accounting proposals would create significant new financial burdens, complexity and compliance costs for law firms which would have to pay taxes on income before it was received. And he warned that those under the $10m treshold may be discouraged from growing their firms. Source: Bizjournals.com
