Friday Sept 12, 2014
Some nutcase suggested that small business go to accrual accounting. For once Congres has responded correctly voting for small business to retain cash basis accounitng.
Many small businesses do their own accounting and would never get accrual right anyway. I seriously doubt that those just exceeding the $5 M level have it right either. Nor can I imagine a method by which the IRS would ascertain what is going on.
Professor Elam 
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