In late April we reported on the efforts of the U.S. House Committee on Ways and Means to reform the U.S. taxcode and the potential impact
reforms could have on nursery operations’ access to cash accounting practices. The reforms would require C Corporations, including nurseries, with revenue over $10 million to use accrual accounting with inventory. Recent weeks have shown an increased momentum on reform efforts. Senator Baucus, Chairman of the Senate Finance Committee, and Congressman Camp, Chairman of the House Committee on Ways and Means together launched the website www.taxreform.gov
. In addition, Camp highlighted the recent investigation of the IRS as a reason why we need a simpler tax code and why reform is needed. Baucus and Camp are doing everything they can for reform to gain traction.