In Rev. Proc. 2022-14, the IRS on Monday provided a comprehensive updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently ...

Full cost (FC) accounting allows companies to capitalize all operating expenses related to locating new oil and gas reserves, regardless of the outcome.

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 ...

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 American Institute of CPAs has sent a set of recommendations to the Internal Revenue Service and the Treasury Department about the impact of last December’s tax code overhaul on accounting method ...

Whether you do it yourself or rely on accounting software, finance tracking is essential for small business owners.

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 ...

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 ...

The article discusses 'Continuing Life Communities Thousand Oaks, LLC v. Commissioner', a recent decision of the Tax Court that rejected an IRS effort to change the method of accounting followed by a ...