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Senators seek to protect cash-based accounting for professional service firms

from NSPS

Nearly half of the U.S. Senate (46 Senators) signed a letter to the chairman and ranking member of the Senate Finance Committee urging the preservation of the cash accounting for tax purposes, particularly for professional service firms. Senators Sherrod Brown (D-OH), Pat Roberts (R-KS.), Angus King (I-ME) and Ron Johnson (R-WI) led the effort. Congress has been discussing, but has not yet acted upon, comprehensive tax reform, with some proposals seeking to eliminate cash accounting for certain firms. When Congress last overhauled the tax code, in 1986, the American Congress on Surveying and Mapping (ACSM), the predecessor to NSPS, was the leader in defining surveying and mapping as a professional service, with firms eligible to use cash-based accounting. more

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