Businesses have significant flexibility in adopting accounting methods for tax purposes. This flexibility relates not only to “overall” accounting methods of general application, such as the cash and ...
A company figures its profit or loss over time by subtracting expenses from revenue. For tax purposes, the relevant time period is the tax year or other fiscal year approved by the Internal Revenue ...
FASB’s efforts to simplify accounting continued Tuesday, when the board issued a standard eliminating the requirement to retroactively adopt the equity method of accounting when an investment ...
The IRS has issued new guidance on automatic accounting method changes. Revenue Procedure 2009-39 provides certain additions, modifications and clarifications to Revenue Procedures 2008-52 and 97-27 ...
IMGCAP(1)]A number of groups testified or submitted statements recently at a hearing of the House Committee on Small Business Subcommittee on Economic Growth, Tax and Capital Access titled “Cash ...
The IRS allows you to calculate your tax bill using one of two tax accounting methods. The more common of the two methods for individual taxpayers is the cash method. However, most businesses prepare ...
The Internal Revenue Service (IRS) recently released two revenue procedures that relate to the implementation of accounting method changes as a result of the revisions to Section 846 of the Internal ...
Many contractors can build better cash flow using accounting options that until passage of the Tax Cuts and Jobs Act (TCJA) were unavailable to them. Nevertheless, there remains a surprising number of ...
A simple tax planning tool often overlooked by most taxpayers is of selecting an appropriate accounting method for their incomes. The Income-tax Act permits two methods of accounting—mercantile ...
The Internal Revenue Service has issued new rules for obtaining its consent for a change in the method of accounting. Revenue Procedure 2011-14 provides the current procedures for obtaining automatic ...
In general, taxable income is required to be computed under the method of accounting used by a taxpayer in maintaining its books, except as otherwise required by the Internal Revenue Code (IRC or Code ...
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