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 ...

In Rev. Proc. 2023-24, the IRS on Thursday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently ...

Over the summer the IRS released some accounting for contracts tax tips, which provides a nice summary of questions we frequently get asked. What is an accounting method? Every taxpayer reports income ...

Understanding the various types of accounting methods is crucial for any business or individual looking to manage their finances effectively. Each method has its own set of rules and benefits, which ...

The IRS issued proposed regulations (REG-132766-18) on July 30 related to simplified tax accounting rules for small businesses and updating various tax accounting regulations to adopt the simplified ...

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 ...

Tax legislation recently unveiled by Senate Republicans only costs $441 billion when tallied using a novel accounting method requested by the GOP. The new estimate by the Joint Committee on Taxation, ...