Cash Accounting for Small Business Act of 2001 - Amends the Internal Revenue Code to prohibit an eligible taxpayer from being required to use an accrual method of accounting for a taxable year if the such taxpayer's average annual gross receipts for the preceding three-year period does not exceed $5 million (to be adjusted for inflation).
States that eligible small business taxpayers shall not be required to use inventories, and that property shall be treated as a material which is not incidental.
Actions
Feb 14, 2001
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1421-1422)
Feb 14, 2001
Sponsor introductory remarks on measure. (CR S1420-1421)