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Indiana Lawyers Lobby In D.C.

Law
Law

Lawyers representing Indiana’s legal profession are in Washington, D.C., this week trying to kill a proposal that would change the way many law firms report income-tax obligations. Opponents of the proposal fear it could create financial hardship for some firms, add to accounting expenses and create cash-flow nightmares. Currently, firms report income-tax liability based on receipts through Dec. 31 of a calendar year.

Accrual accounting would require reporting income based on the calendar year in which the right to receive revenue arises, regardless of whether the money was received.

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