Congress is considering new legislation that could streamline accounting procedures for tens of thousands of U.S. companies by liberalizing the rules for the use of the cash accounting method by small business taxpayers.

The bill, introduced by Sen. Olympia Snowe, R-Maine, dovetails neatly with President Bush's drive to streamline the federal tax code - a move that she said is needed to improve the efficiency of the U.S. tax system "and strengthen our overall economy."

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