Summary: H.R.4643 — 112th Congress (2011-2012)All Information (Except Text)

There is one summary for H.R.4643. Bill summaries are authored by CRS.

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Introduced in House (04/25/2012)

Small Business Tax Simplification Act - Amends the Internal Revenue Code to exempt certain small business taxpayers from the requirements of using the accrual method of accounting and of using inventories. Allows such taxpayers to use a cash method of accounting if they meet the gross receipts test and are not engaged in farming as a corporation. Increases the amount of the gross receipts test to $10 million (currently, $5 million) and permits an annual inflation adjustment of that amount.