H.R. 656 — Cash Accounting for Small Business Act of 2001

Summary

Cash Accounting for Small Business Act of 2001 - Amends the Internal Revenue Code to prohibit an eligible taxpayer from being required to use an accrual method of accounting for a taxable year if the such taxpayer's average annual gross receipts for the preceding three-year period does not exceed $5 million (to be adjusted for inflation).

States that eligible small business taxpayers shall not be required to use inventories, and that property shall be treated as a material which is not incidental.

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Related Legislation

S. 336Cash Accounting for Small Business Act of 2001
2001-02-14Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1421-1422)
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Legislative Actions

2001-02-14
Introduced in House
2001-02-14
Introduced in House
2001-02-14
Sponsor introductory remarks on measure. (CR E177)
2001-02-14
Referred to the House Committee on Ways and Means.

Cash Accounting for Small Business Act of 2001

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