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 ...

Construction companies and contractors can choose among several accrual accounting methods specialized for their industry. They can also use cash accounting. If they choose accrual accounting, they ...

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 ...

Discover how accruals affect company finances, with insights into the accrual accounting method, its applications, and ...

Full cost (FC) accounting allows companies to capitalize all operating expenses related to locating new oil and gas reserves, regardless of the outcome.

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 IRS has provided procedures (Rev. Proc. 2018-60) under which a taxpayer may obtain automatic consent to change a method of accounting to comply with Sec. 451(b), as amended by the law known as the ...

Accrual basis accounting is typically the preferred method, but cash basis accounting may work for very small businesses. Many, or all, of the products featured on this page are from our advertising ...

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 ...

Editor’s Note: The 2017 tax reform legislation provides that the cash method of accounting can be used by taxpayers that satisfy the gross receipts test regardless of whether the purchase, production ...

The Financial Accounting Standards Board has issued a standards update aimed at clarifying the interaction between the rules related to equity securities, equity method investments and certain ...