A coalition of a half dozen business organizations, including the American Institute of CPAs, have banded together to express their opposition to a proposal from the Senate Finance Committee to require businesses to use the accrual method of accounting for tax purposes.

Along with CPAs, other groups signing the letter include organizations representing engineers, architects, dentists, farmers and S corporations. The proposed change in the taxation of businesses was included in the Senate Finance Committee’s Cost Recovery and Accounting Discussion Draft of Nov. 21, 2013 (see Baucus Proposes Changes to Tax Accounting and Cost Recovery Rules).

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