Small-business taxpayers with average annual gross earnings of $25 million or less in the prior three-year period are now allowed to use the cash method of accounting, according to new guidance from the IRS.
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In Section 13102, the tax reform law expanded the number of small-business taxpayers who can use the cash method, and exempted them from certain accounting rules for inventories, cost capitalization and long-term contracts.
Captive audience; some disagreement; game of 21; and other highlights of recent tax cases.
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The American Institute of CPAs is still concerned about the Public Company Accounting Oversight Board's new firm and engagement metrics standard, despite some modifications from the original proposal.
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