Monday July 141, 2014
Congress is considering forcing small business to use accrual accounting. As the witnesses testify, this is a terrible idea. And as the lead witness says, most taxpayers ccould not tell you the difference anyway.
This would greatly increase the cost of doing business, and who would know whether the taxpayer got it right? If we can't trust big business to do it, I can only magine the mess small business would make of it.
Apparently someone has suggested this would increase revenue for the government, otherwise it would not come up.
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