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December 2013

TSCPA Concerned with Cash Method Limitations in Baucus Proposal

This week, TSCPA issued letters to Senators John Cornyn and Ted Cruz stating deep concern about the proposed limitations on the use of the cash basis method of accounting in the Senate Finance Committee’s Cost Recovery and Accounting Discussion Draft. If enacted, the provision by Chairman Max Baucus would eliminate exceptions that currently exist for all natural persons, certain pass-through entities (i.e., partnerships and S corporations), farmers, and personal service corporations, and would require them to change to the accrual method of accounting if their average gross receipts exceed $10 million. TSCPA has also expressed opposition to a similar proposal by House Ways and Means Chairman Dave Camp in his Small Business Tax Reform Discussion Draft.
Read the Letter
Link to Chairman Baucus’ proposal