IRC section 446(e) requires that a taxpayer secure IRS consent to change its method of accounting. Treasury regulations section 1.446-1(e)(2)(i) specifies that a taxpayer do this before computing its ...
Learn about changes in accounting principles and why businesses make them, as well as the reporting and recording requirements that accompany these changes.
The Sixth Circuit Court of Appeals recently upheld a Tax Court finding that the consistent omission of a step when computing inventory cost under the dollar-value ...
The Internal Revenue Service has released Rev. Proc. 2025-23, which updates the list of automatic procedures for taxpayer-initiated requests for changes in methods of accounting. Processing Content An ...
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 ...
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New Guidance Clarifies Tax Elections, Amendments
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 ...
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 ...
Learn what inventory accounting is, how it works, and key methods like FIFO, LIFO, and WAC. Includes real-world examples, tips, and best practices. I like to think of inventory accounting like ...
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