Discover how modified accrual accounting merges accrual and cash basis methods, its key principles, and why it's preferred by government agencies for accurate financial reporting.

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 ...

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 ...

Cash- and accrual-based business accounting are two methods for tracking financial performance. Learn which is right for your business.

Learn about the methods of calculating and tracking inventory that are used in retail accounting.

The American Institute of CPAs has recommended to the IRS that taxpayers making an accounting method change for mischaracterized research and experimental expenditures under Code Section 174 should ...

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 ...

Your company may purchase long-lived assets such as property, plant and equipment that you depreciate over their useful lives. Depreciation is how the Internal Revenue Service allows you to expense ...

In Rev. Proc. 2023-24, the IRS on Thursday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently ...

The American Institute of CPAs has sent a set of recommendations to the Internal Revenue Service about accounting methods for small-business taxpayers and how to determine whether a taxpayer qualifies ...

Discover how black box accounting obscures financial reports. Learn about its methods, ethical concerns, and why it's a challenge for investors seeking transparency.