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 ...

Explore how FIFO and LIFO inventory methods affect your balance sheet, cost of goods sold, and net profit. Understand why ...

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 recommended to the IRS that taxpayers making an accounting method change for mischaracterized research and experimental expenditures under Code Section 174 should ...

Your company may purchase long-lived assets such as property, plant and equipment that you depreciate over their useful lives. Depreciation is how the Internal Revenue Service allows you to expense ...

In new Rev. Proc. 2015-20, the IRS permits a “small business taxpayer” to use a simplified procedure to change its method of accounting under the final tangible property regulations for tax years ...

Cash- and accrual-based business accounting are two methods for tracking financial performance. Learn which is right for your business.

Learn about the methods of calculating and tracking inventory that are used in retail accounting.

Aging is an accounting method to assess a company's unpaid invoices according to how long they have been outstanding. Learn how it is used to measure financial health.

Businesses that sell goods need to implement effective inventory control to keep track of assets. Businesses use two primary methods to calculate the ending inventory value: the gross profit or the ...

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 ...