Percentage of Completion vs. Completed Contract: Key Accounting Differences

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

Accrual vs. Cash Accounting: When Businesses Must Use Accrual

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

Cash Vs. Accrual Accounting: What’s The Difference?

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small ...
Forbes

3 Accounting Methods You Need To Know

Brette Sember is a retired attorney who has been writing and editing law and legal topics for more than 25 years. She is the author of more than 40 books, is a nationally recognized expert on divorce ...
JournalofAccountancy

MACRS Reclassification Not Change in Accounting Method

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 ...
Business News Daily

The 8 Types of Accounting

Not all forms of accounting are the same. Some focus on costs, others on audits and some focus on taxes. While having a solid handle on your business’s finances is essential, how you track business ...
JournalofAccountancy

List of automatic tax method changes updated

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 ...
Accounting Today

Waiver expanded for some accounting method changes

The Internal Revenue Service has released a new revenue procedure that expands the waiver of eligibility rules for accounting method changes for some research or experimental expenses. Processing ...
JD Supra

Sound familiar? IRS releases year-end procedural accounting method guidance regarding the treatment of R&D expenditures under Section 174

Not unlike the last minute procedural guidance released at the end of last year addressing Section 174, on December 22, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service ...
Accounting Today

Take advantage of depreciation and cost segregation in 2022

As the new year begins, many people are beginning to think about possible tax planning strategies to use in 2022 that could reduce their tax bill next year. While a plethora of strategies are ...
JD Supra

Business Taxation of Hedging Transactions Part IV: Tax Timing

What are the tax accounting rules for hedges? Whether or not a qualified tax hedge is properly identified, it must be tax accounted for under a method that clearly reflects income.[1] The timing of ...