Changing Accounting Methods

August 3, 2018 the IRS released Revenue Procedure 2018-40 regarding changing accounting methods because of last year’s Jobs Act.  This is another attempt to simplify the lives of small business taxpayers.  Unfortunately, it is complicated before it gets simpler. Who is eligible?  Taxpayers with average revenues for the 3 prior years of $25 million or less that are currently using the accrual method accounting may change back to the cash…  Read more

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