The agriculture industry asks the IRS to continue to use the cash method of accounting.
The National Pork Producers Council says in February of 20-17, the IRS issued an “action on decision” letter that threatens the livelihoods of thousands of farms and ranches nationwide and calls into question the accounting methods used by ag.
The NPPC, along with 28 other ag groups wrote a letter to Congress saying,
“Cash accounting assures that a farm or ranch business will not be taxed for a sale of agricultural products for which they have not been paid. At a time when many farmers are facing export market and other headwinds, more uncertainty is exactly what we will face without access to the cash method of accounting used by so many farmers.”
