Washington, D.C.— Tomorrow, the Small Business Subcommittee on Economic Growth, Tax and Capital Access, under the chairmanship of Congressman Tom Rice (R-SC), will conduct a hearing titled "Cash Accounting: A Simpler Method for Small Firms?" This hearing will examine cash accounting, how it affects small businesses, and whether policies should be changed to allow small firms more flexibility in using an accounting method that best suits their operations. Before being elected to Congress, Rep. Rice worked as an accountant.
According to a survey by the National Federation of Independent Businesses, 41 percent of small businesses use cash accounting, making it the preferred method of accounting for small businesses.
“Due to its simplicity, many small businesses use cash accounting,” said Chairman Rice. “Although it is the preferred method for many small firms, the permitted use of cash accounting is limited by the IRS to certain businesses and circumstances. During this hearing, we will discuss whether current policies should be reformed to give small businesses the flexibility to use the accounting method that best fits their business.”
WATCH LIVE HERE.
WHAT: Small Business Subcommittee hearing titled, Cash Accounting: A Simpler Method for Small Firms?
WHEN: Thursday, July 10, 2014, 10:00 a.m. EDT
WHERE: 2360 Rayburn House Office Building, Washington, D.C. 20515