A bipartisan group of lawmakers is asking the tax-writing House Ways and Means Committee to avoid enacting any proposed tax reforms that would limit accounting flexibility for small businesses.
A letter signed by Reps. Mike Quigley, D-Ill., Blaine Luetkemeyer, R-Mo., Brad Schneider, D-Ill., and Richard Hudson, R-N.C., along with 67 other members of the House, urged the Ways and Means Committee to fully consider the negative ramifications of such proposals. The draft Tax Reform Act of 2013 sets new limits on the use of cash accounting by pass-through entities, farms and professional service firms, and would inhibit growth by moving many to a more cumbersome accrual accounting method once they grow above $10 million in gross receipts.
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