Category: Accrual method

  • Choosing the Right Accounting Method for Tax Purposes

    Choosing the Right Accounting Method for Tax Purposes

    The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures that a small business taxpayer can use to obtain automatic consent to change its method…