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 ...

Learn the differences between the percentage of completion and completed contract methods. Discover how each impacts revenue ...

Discover when businesses must use accrual accounting and how it differs from cash accounting. Learn why it's essential for ...

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 ...

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 ...

IRC section 446(e) requires that a taxpayer secure IRS consent to change its method of accounting. Treasury regulations section 1.446-1(e)(2)(i) specifies that a taxpayer do this before computing its ...

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 ...

Section 446(e) requires a taxpayer to obtain IRS consent prior to changing its accounting method. A change in method of accounting may include either a change in an overall plan of accounting for ...

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 ...

The article discusses 'Continuing Life Communities Thousand Oaks, LLC v. Commissioner', a recent decision of the Tax Court that rejected an IRS effort to change the method of accounting followed by a ...

Restaurant accounting has specific needs and features. Here's a look at restaurant accounting methods and expenses, how tips factor in, and more.