Yes. The IRS has released guidance providing that small business taxpayers (see below) may make certain tangible property changes in methods of accounting in order to take into account only amounts ...

WASHINGTON, DC - AUGUST 18: The Internal Revenue Service (IRS) building Under Notice 2023-63 provided in September of 2023, the IRS confirmed that R&E expenditures include not only the costs paid or ...

Federal tax authorities released a revenue procedure offering step-by-step instructions for taxpayers navigating a recent law. The guidance explains how to make elections, file amended returns, and ...

The IRS often determines upon audit that a business has over a period of years failed to report properly items of income or expense. In that case, the ability of the government to assert additional ...

James Chen, CMT is an expert trader, investment adviser, and global market strategist. David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of financial accounting, ...

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 ...