The Internal Revenue Service will typically allow you to choose the accounting method you want to use to prepare your company's tax return and supporting documents when you file your business's first ...

On June 15, 2023, the IRS released Rev. Proc. 2023-24, List of Automatic Changes, which provides an update to the list of tax accounting method changes a taxpayer may file under the IRS’s automatic ...

In what may be the final chapter in an ongoing battle over the availability of the cash method of accounting to small business owners, the Internal Revenue Service has now released Rev. Proc. 2002-28.

Accrual accounting is the preferred approach for companies reporting their financial statements under generally accepted accounting practices (GAAP), which are issued through the standards of the ...

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 ...

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 ...

Relatively early in a law firm's existence, a decision is required concerning whether to report financial activities to the Internal Revenue Service on a "cash" or "accrual" accounting basis.

Globally, governments and the public sector are making slow but steady progress in adopting accrual-based accounting instead of cash-based accounting, according to a new report. Fully 56% of ...