FOR INSTANCE, DID YOU KNOW THE DEFINITION OF A SMALL BUSINESS HAS BEEN INCREASED TO $25 MILLION? THIS INCREASE WILL RESULT IN THE USE OF MORE FAVORABLE ACCOUNTING METHODS FOR SMALL BUSINESS OWNERS. THESE COULD INCLUDE:
THE CASH METHOD
CASH METHOD WITH INVENTORY
UNICAP RULES
AND THE USE OF ALTERNATIVE LONG TERM CONTRACT METHODS.
THE NEW LAW ALSO INCREASED THE ABILITY OF TAXPAYERS TO EXPENSE THEIR FIXED ASSET PURCHASES. TAXPAYERS ARE NOW ABLE TO EXPENSE $1 MILLION OF PURCHASES