Recently released Revenue Procedure 2021-26 (the Revenue Procedure) provides taxpayers with guidance regarding accounting method changes made on behalf of foreign corporations. The Revenue Procedure: ...
Discover when businesses must use accrual accounting and how it differs from cash accounting. Learn why it's essential for ...
The IRS provided temporary relief that allows eligible taxpayers to use alternative methods to make adequate identification of digital asset units that are sold, disposed of, or transferred during the ...
The Inflation Reduction Act (IRA) of 2022 significantly changed the U.S. Federal income tax code, including introducing the new Corporate Alternative Minimum Tax (CAMT). The CAMT is a parallel tax ...
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 ...
Accrual accounting is the GAAP-preferred practice of recording all revenues and expenses when they occur, even if payment has not yet been sent or received. In business, all financial transactions ...
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