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 ...

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 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 ...

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 ...

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 ...

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 ...

The Internal Revenue Service has changed the rules under Sec. 446 of the Internal Revenue Code and Section .446-1(e) of the Income Tax Regulations for obtaining consent to change methods of accounting ...

Accrual accounting is the GAAP-preferred practice of recording all revenues and expenses when they occur, even if payment has not yet been sent or received. In business, all financial transactions ...

Bookkeeping is a method in which you track the books of your business—the actual accounting of your organization to make sense of everything that has gone on in your business. And having a bookkeeping ...

Is there a way to put a dollar amount on pristine forests or marshlands? The United Nations believes so—and that the ability to do it might be a valuable step toward combating the slew of ...

The triple-entry accounting system is a concept that emerged with the advent of blockchains. This new approach to accounting has the potential to transform the way transactions are recorded and ...