A tax reform proposal now being considered by Congress could mean financial hardship for the nation’s largest law firms and outsized tax bills for those firms’ partners, according to business experts.
Draft legislation released in late November by Senate Finance Committee Chairman Max Baucus (D-Mont.) includes a fundamental revision to the way large law firms and other professional service firms report and pay their taxes. A draft bill in the House, first circulated in March, includes a similar provision.
