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HR 2273 106th Congress House Taxation Accounting Business income tax Commerce Finance and Financial Sector Income tax Small business Tax administration

To amend the Internal Revenue Code of 1986 to clarify that certain small businesses are permitted to use the cash method of accounting even if they use merchandise or inventory.

Introduced: June 17, 1999 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 17, 1999
Referred to the House Committee on Ways and Means.
Jun 17, 1999
Introduced in House
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to permit certain small businesses to use cash accounting.

Declares that a taxpayer (including a C corporation or a partnership which has a C corporation as a partner) shall not be required to use an accrual method of accounting for any taxable year by reason of using merchandise or inventory, if the taxpayer's (or any predecessor's) average annual gross receipts for the three-year-period ending with such prior taxable year does not exceed $5 million.

What's happening now June 17, 1999

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1