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 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 ...

Accounting is the compilation of financial information for various purposes, such as managing a corporate budget, making informed decisions with regard to business operations and predicting future ...

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 letter to the Internal Revenue Service with three recommendations on the accounting method change procedures for business taxpayers. Processing Content A 2015 ...

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 ...

View post: Macy’s is selling a $400 Calvin Klein wool coat for $200 that will 'elevate your style' If you are an entrepreneur or small business owner, it is a good idea to familiarize yourself with ...

Many retailers have used the LIFO (last in, first out) accounting method to manage their inventory reporting. The methods assumes that the last unit to arrive in inventory (the most recent) is sold ...

If you’ve been keeping up with bitcoin, Ethereum and other cryptocurrencies over the past year, you’ve likely heard a lot about blockchain and its potential to revolutionize many industries. Another ...

As a new small-business owner you must make a decision between using accrual or cash accounting methods. Regardless of which method you choose, you must use it consistently. The accrual accounting ...