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

The AICPA applauds the introduction of H.R. 3225 by Rep. Clay Shaw (R-Fla.), with cosponsors Congressmen Jerry Kleczka (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 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 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
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Title Annotation:tax info
Publication:CPA Letter
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 1, 2003
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Next Article:Tax Executive Committee approves SSTS interpretation on tax planning.

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