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 ...

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 ...

Accounting is the compilation of financial information for various purposes, such as managing a corporate budget, making informed decisions with regard to business operations and predicting future ...

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 general tax rules for income recognition under an accrual method of accounting were changed in the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, which added new Secs. 451(b) and (c).