How Should a Change in Accounting Principles Be Recorded and Reported?

Learn about changes in accounting principles and why businesses make them, as well as the reporting and recording ...
JournalofAccountancy

MACRS Reclassification Not Change in Accounting Method

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 ...
JournalofAccountancy

LIFO Snafu Is Change in Method

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 ...
Think Advisor

9043 / Are there any circumstances that allow a small business taxpayer to change its accounting method without IRS approval?

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 ...
Hosted on MSN

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 ...
TechRepublic

Inventory Accounting: Methods & How It Works

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 ...