The US Senate Committee on Finance has announced the issuance of a staff discussion draft on proposed reforms to the cost recovery and tax accounting rules. These are the rules that are used to determine when a business can deduct the cost of investments and how businesses account for their income. The announcement was made in a Press Release dated 21 November 2013.
The issued discussion draft is the third in a series of discussion drafts to overhaul US Internal Revenue Code (IRC).…