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 ...

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 recommended to the IRS that taxpayers making an accounting method change for mischaracterized research and experimental expenditures under Code Section 174 should ...

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 ...

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 ...

Maryland business owners face many early decisions, but few affect day-to-day operations as much as selecting an accounting method. Cash accounting and accrual accounting each shape how revenue, ...

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 ...

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 ...

Accrual accounting is one of the primary accounting methods and is based on the matching principle, which dictates that revenues and their associated expenses be recorded in the same accounting period ...

Forbes contributors publish independent expert analyses and insights. Leading writer and speaker in the area of trader tax benefits. Many crypto traders face massive tax bills for 2017. Which ...