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 American Institute of CPAs has sent a set of recommendations to the Internal Revenue Service and the Treasury Department about the impact of last December’s tax code overhaul on accounting method ...

While large corporations and publicly traded companies must follow the financial accounting, small businesses have the choice of using either the financial accounting method or the tax accounting ...

Learn how comprehensive tax allocation reconciles tax and financial reporting, uncovering discrepancies in income, expenses, ...

In Rev. Proc. 2022-14, the IRS on Monday provided a comprehensive updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently ...

Although small business taxpayers usually prefer to use the cash method of accounting, some, for whom considerations of accelerating deductions weigh paramount, might prefer to use the accrual method ...

What are the tax accounting rules for hedges? Whether or not a qualified tax hedge is properly identified, it must be tax accounted for under a method that clearly reflects income.[1] The timing of ...

Taxpayers that fail the gross receipts test are not eligible for the new rules governing inventory accounting. The $25 million threshold will be indexed annually for inflation; the 2025 amount is $31 ...

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 ...

The Financial Accounting Standards Board wants to allow companies to use a certain accounting method for a broader range of tax-credit investments, enabling them to record similar spending in a ...