Many contractors can build better cash flow using accounting options that until passage of the Tax Cuts and Jobs Act (TCJA) were unavailable to them. Nevertheless, there remains a surprising number of ...

Owners and managers of storage companies face numerous challenges when it comes to planning and operating these facilities. One decision that can have far-reaching implications involves the selection ...

The IRS allows you to calculate your tax bill using one of two tax accounting methods. The more common of the two methods for individual taxpayers is the cash method. However, most businesses prepare ...

Cash basis accounting records when cash actually changes hands in a transaction, providing a real-time view of your financial position that reflects the actual cash flow of a business or individual.

F or many years, the IRS clashed over the cash method of accounting with small business taxpayers who provided services as the mainstay of their business but who were categorized as inventory ...

Owning your own business is about doing the one thing you love to do, and 99 other things you dislike but must do, according to Roger Harris, president and chief operating officer of Padgett Business ...

In what may be the final chapter in an ongoing battle over the availability of the cash method of accounting to small business owners, the Internal Revenue Service has now released Rev. Proc. 2002-28.

Although small business taxpayers usually prefer to use the cash method of accounting, some, for whom considerations of accelerating deductions weigh paramount, might prefer to use the accrual method ...

July 21, 2004 - In an effort to lessen the accounting burden faced by small businesses, Senator Olympia J. Snowe, chair of the Senate Committee on Small Business and Entrepreneurship, introduced a ...

Relatively early in a law firm's existence, a decision is required concerning whether to report financial activities to the Internal Revenue Service on a "cash" or "accrual" accounting basis.

Most farmers naturally assume they can use the cash method of accounting. Under this method, a farmer reports sales as they receive cash and are allowed to deduct expenses as they are paid. There are ...

An accounting system that doesn't record accruals but instead recognizes income (or revenue) only when payment is received and expenses only when payment is made. There's no match of revenue against ...