Nearly half the members of the U.S. Senate have signed a letter expressing concern about a tax reform proposal to require the use of accrual accounting and are urging the leaders of the Senate Finance Committee to preserve the option of the cash method of accounting for tax purposes.
The American Institute of CPAs and other accounting organizations, such as the National Conference of CPA Practitioners, have been urging Congress to preserve the cash method of accounting, particularly for small businesses, including testifying or submitting written testimony on the benefits of cash accounting at a congressional hearing last month (see House Hearing Considers Cash Accounting for Small Biz and Cash Accounting: A Simpler Method for Small Firms).
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