HR 4643
112th Congress
House
Taxation
Accounting and auditing
Small business
Tax administration and collection, taxpayers
Small Business Tax Simplification Act
Introduced: April 25, 2012
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 25, 2012
Referred to the House Committee on Ways and Means.
Apr 25, 2012
Sponsor introductory remarks on measure. (CR H2108)
Apr 25, 2012
Introduced in House
Plain-English summary
Small Business Tax Simplification Act - 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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1