As if there wasn't enough turmoil in the life of every pressure washing business owner, the IRS has proposed updates to the tax accounting regulations. The proposed new rules allow small businesses-that is, businesses with "inflation-adjusted average annual gross receipts of $26 million or less"-to utilize "simplified" tax accounting rules for tax years beginning in 2019 and 2020. A pressure cleaning business is considered to have met the gross receipts test and permitted to use the cash method of accounting if average annual gross receipts for the three-year period ending immediately before the current tax year are $25 million (adjusted for inflation to $26 million for 2019 and 2020) or less.
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