A bill to amend the Internal Revenue Code of 1986 to expand the availability of the cash method of accounting for small businesses, and for other purposes.

3.0.0 296 2023-01-11T20:05:37Z 2023-01-11T20:05:37Z Senate S S 2007-01-16 110 ssfi00 Finance Committee Senate Standing Referred to 2007-01-16T15:32:04Z 2007-01-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-01-16 Introduced in Senate IntroReferral 10000 9 Library of Congress B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. N S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2007-01-16 True Taxation Accounting Commerce Economics and Public Finance Finance and Financial Sector Income tax Indexing (Economic policy) Inventories Small business Taxation

00 2007-01-16 Introduced in Senate 2007-01-20T17:49:52Z Amends the Internal Revenue Code to exempt certain small business taxpayers from the requirements of using the accrual method of accounting and of using inventories. Allows such taxpayers to use a cash method of accounting if they meet the gross receipts test and are not engaged in farming as a corporation. Increases the amount of the gross receipts test to $10 million (currently, $5 million) and permits an annual inflation adjustment of that amount.

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A bill to amend the Internal Revenue Code of 1986 to expand the availability of the cash method of accounting for small businesses, and for other purposes. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to expand the availability of the cash method of accounting for small businesses, and for other purposes. Introduced in Senate IS Display Title A bill to amend the Internal Revenue Code of 1986 to expand the availability of the cash method of accounting for small businesses, and for other purposes. Introduced in Senate 2007-01-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s296is/xml/BILLS-110s296is.xml 2007-01-16 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.