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

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

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 ...

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 ...

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 ...

The American Institute of CPAs has sent a set of recommendations to the Internal Revenue Service about accounting methods for small-business taxpayers and how to determine whether a taxpayer qualifies ...

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 ...

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

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 IRS on Friday updated the list of changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, as clarified and modified, apply (Rev. Proc. 2019-43). Any method of ...

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 ...