Most taxpayers don't understand the importance of determining when and how to report their income and expenses for tax purposes. Reporting income and expenses in the proper period can generate valuable cash savings and avoid potential conflict with the IRS. In many cases, tax accounting rules differ from traditional financial accounting rules, which can result in unexpected sources of opportunity and risk for taxpayers.
Accounting method professionals can help you understand the complex tax rules surrounding revenue and expense recognition, inventory accounting and capitalization and cost recovery of tangible and intangible assets. If you have income and expenses, you can potentially benefit from a review of your tax accounting methods.
Our National Tax Office professionals know the ins and outs of accounting methods and periods. We'll take the time to understand your unique business so we can evaluate your accounting methods and processes to ensure you achieve the greatest benefit. We can provide guidance on ruling requests and change of accounting method applications, as well as advice on issues involving timing, character and recognition of taxable events.
Contact us for a review of your methods.
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