A tax reform bill being considered in Congress aims to reduce compliance burdens on small businesses by permitting them to use the simpler cash method of accounting.
Does a casino count as a small business? How about a pet food manufacturer or a brewery? Congress is debating whether the $10 million revenue limit for the “small” designation should be lower.
[EasyDNNnewsToken:Left Justify Embed 300 x 250]A tax reform bill being considered in Congress aims to reduce compliance burdens on small businesses by permitting them to use the simpler cash method of accounting.
This would allow businesses to record revenue when they receive payment, thus simplifying tax paperwork and improving cash flow.
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