AICPA applauds introduction of "small business tax flexibility act of 2003".

The AICPA AICPA

See American Institute of Certified Public Accountants (AICPA). applauds the introduction of H.R. 3225 by Rep. Clay Shaw

This is an article about the New Orleans businessman. See E. Clay Shaw, Jr. for an article about the politician from Florida.

Clay Laverne Shaw (March 17, 1913 – August 14, 1974) was a successful businessman in the U.S. (R-Fla.), with cosponsors Congressmen Jerry Kleczka Gerald (Jerry) Daniel Kleczka (born November 26, 1943), an American politician, was a Democratic member of the United States House of Representatives from 1984 to 2005, representing . The district includes the city of Milwaukee, Wisconsin, where he was born. (D-Wis.) and Collin Peterson (D-Minn.). The bill, introduced on Oct. 1, 2003, is designed to offer most start-up small businesses, that operate as partnerships or S corporations, an additional tool to successfully navigate their start-up life cycle by providing flexibility to adopt any fiscal year-end Fiscal Year-End

The completion of a one-year, or 12-month, accounting period.

Notes:
The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. from Apr. through Dec. This flexibility permits these new firms/companies to retain additional operating resources, utilize a more natural business cycle and ease their record-keeping burdens.

By enhancing the likelihood of start-up business success, H.R. 3225 may also aid in adding jobs to the U.S. economy. AICPA Key Persons for the House Ways and Means WAYS AND MEANS. In legislative assemblies there is usually appointed a committee whose duties are to inquire into, and propose to the house, the ways and means to be adopted to raise funds for the use of the government. This body is called the committee of ways and means. Committee have been asked to seek the support of their members of Congress for H.R. 3225 because it could be added to the corporate tax cut package. To get a copy of the bill, enter the bill number at http://thomas.loc.gov/.

COPYRIGHT 2003 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.

Reader Opinion

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:	tax info
Publication:	CPA Letter
Article Type:	Brief Article
Geographic Code:	1USA
Date:	Nov 1, 2003
Words:	166
Previous Article:	Chair's corner.
Next Article:	Tax Executive Committee approves SSTS interpretation on tax planning.
Topics:	Small business Taxation United States

Related Articles
Subchapter S reform at hand?
S corporation reform bill introduced in Senate.
Small business tax solutions.
TEC initiatives.
AICPA comments on Bush Administration's proposals on retirement plans.
AICPA develops CPE courses with complete coverage of 2003 tax act.
How the AICPA helps members serve small business; the Institute's vice-president for small firm interests speaks to the profession.
AICPA: complexity eroding voluntary tax compliance, especially among small businesses.
Taking care of small business: the institute's vice-president for small firm interests describes AICPA programs for small firms and their small...
The small firm advantage: does your firm have it?