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 a small business taxpayer can use to obtain automatic consent to change its method of […]

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Substantiating Charitable Contributions

The IRS has recently published final regulations on the substantiation rules for claiming a charitable deduction. The regulations, in their final form, are not significantly different from the proposed regulations that were published years ago and what have been the current IRS policy on establishing substantiation for a charitable deduction, but it is still important […]

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