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Legislation has been introduced to expand the use of the cash method of accounting by small businesses. The Cash Accounting for Small Business Act of 2001 (H.R. 656) was introduced by Rep. Wally Herger (R-CA) and Rep. John Tanner (D-TN) in the House, Companion legislation (S. 336) was introduced by Sen. Christopher "Kit" Bond (R-MO). Both bills would amend the Internal Revenue Code of 1986 to permit small businesses with average annual gross receipts of $5 million or less to use the cash method of accounting, even if inventories are required to conduct business.
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ARLINGTON, VA-Heating, ventilation, air conditioning and refrigeration (HVACR) contractors are overwhelmingly concerned about the rising costs of health insurance and the need for permanent repeal of the estate tax, according to a survey of members of the Air Conditioning Contractors of America (ACCA).
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