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Accounting Methods and Periods

Is your company taking advantage of the most tax-efficient accounting methods available?

Implementing optimized accounting methods helps to maximize cash flow, manage effective tax rates and mitigate IRS examinations. Are you following the current guidance regarding income deferral or deduction acceleration? The IRS continues to expand the availability of automatic consent procedures, which eases the process of changing current accounting methods.

If your business cannot address these issues efficiently and effectively, or if you do not have the internal resources to handle this task, RSM can assist. We offer:

  • Comprehensive reviews. Detailed analysis of your books, records and tax returns, as well as interviews with tax department personnel, can reveal current accounting practices and allow us to offer valuable insights into your organization. This can lead to more tax-efficient methods for improving cash flow, managing effective tax rates, mitigating past noncompliance or even managing expiring net operating losses. Learn more about our accounting methods review
  • Strategic analysis and discussion. Our team can recommend changes to your existing accounting methods and analyze the potential benefits to your organization. We can work with your team and company leadership to adopt the desired changes.  
  • Compliance. Method changes are both strategic and tactical. Our accounting methods specialists can prepare the required forms, implement the new methods, file documents and follow up as necessary. 

Our accounting methods team works closely with professionals from our credits and incentives and tangible property services teams to realize optimal benefits for clients.

Related Insights

Proposed regulations on IPIC pooling for dollar-value LIFO

TAX ALERT

Proposed regulations on IPIC pooling for dollar-value LIFO

The IRS issued proposed regulations on establishing dollar-value LIFO inventory pools under the IPIC pooling method.

INSIGHT ARTICLE

Discounting: Consumer demand vs. accounting complexity

Retailers should understand the tax and accounting issues that arise when responding to consumer demands for discounted goods.

Rev. Proc. 2016-55 provides 2017 amounts for inflation-adjusted items

TAX ALERT

Rev. Proc. 2016-55 provides 2017 amounts for inflation-adjusted items

IRS releases inflation-adjusted 2017 amounts, including the elective expensing deduction under section 179.

IRS announces it will not follow Giant Eagle decision

TAX ALERT

IRS announces it will not follow Giant Eagle decision

Action on decision provides that IRS will not follow holding of customer reward program in Giant Eagle.

IRS releases its Audit Technique Guide for examining tangible property

TAX ALERT

IRS releases its Audit Technique Guide for examining tangible property

The guide will assist agents in examining taxpayers’ treatment and implementation of the final tangible property regulations.

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UPCOMING RSM TAX EVENTS

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2016 Fall tax summit series

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Business growth: Workforce tax considerations

  • January 20, 2016