Discover when businesses must use accrual accounting and how it differs from cash accounting. Learn why it's essential for ...

Discover how absorption costing is used in GAAP for external reporting. Learn its components and why it's essential for ...

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 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 ...

Restaurant accounting has specific needs and features. Here's a look at restaurant accounting methods and expenses, how tips ...

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 American Institute of CPAs has sent a letter to the Internal Revenue Service with three recommendations on the accounting method change procedures for business taxpayers. Processing Content A 2015 ...

The Internal Revenue Service issued a new revenue procedure with guidance on how certain businesses can obtain automatic consent to a change in accounting methods. Revenue Procedure 2022-9 modifies ...

An AICPA tax leader explains the potential ramifications of two recent Supreme Court decisions on tax regulation. Listen to the podcast episode or read the Q&A. The IRS on Tuesday provided a ...

As a new small-business owner you must make a decision between using accrual or cash accounting methods. Regardless of which method you choose, you must use it consistently. The accrual accounting ...