On November 21, 2013, the U.S. Senate Finance Committee introduced a draft of provisions to reform the taxation of small businesses. Like the The Tax Reform Act of 2013 Discussion Draft by the House Ways and Means Committee, the Senate Finance Committee proposes limitations on the use of the cash method of accounting for farmers with gross receipts of more than $10 million.

“Senator Baucus is looking for feedback from stakeholders and the American public on the discussion drafts as he continues his work to overhaul the tax code.  Feedback on the cost recovery and tax accounting rules discussion draft is requested by January 17, 2014 and comments can be sent to: Tax_Reform@Finance.Senate.gov.”

Read the Senate Finance Committee’s news release about the proposal 

Read Senate Finance Committee Draft Tax Changes