A company figures its profit or loss over time by subtracting expenses from revenue. For tax purposes, the relevant time period is the tax year or other fiscal year approved by the Internal Revenue ...

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 ...

When compared to cash accounting, the accrual method provides a more accurate picture of the economic condition of a construction project. In the cash method, you book revenue when you receive it and ...

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 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 ...

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 ...

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

The American Institute of CPAs has sent a comment letter to the Internal Revenue Service recommending changes to final regulations on methods of accounting to be used by corporations that acquire the ...

On Wednesday, December 23, Treasury and the IRS released final regulations 1 under sections 263A, 448, 460, and 471 of the Internal Revenue Code (Code) to implement statutory changes made by the Tax ...

The Fifth Circuit Court of Appeals upheld a Tax Court decision that a change in accounting method occurred when the IRS disallowed an accrual-basis taxpayer’s deduction for inventory purchased on ...

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