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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

LB&I releases technical guidance on mining industry property

TAX ALERT

LB&I releases technical guidance on mining industry property

IRS LB&I division releases directive for determining units of property and major components in the mining industry.

INSIGHT ARTICLE

Proposed bill would expand casualty loss expensing for citrus growers

H.R. 112 would expand the ability of joint or minority citrus plant owners to expense replacement crops damaged in hurricanes.

IRS takes stricter view than Tax Court on reverse like kind exchanges

TAX ALERT

IRS takes stricter view than Tax Court on reverse like kind exchanges

IRS explains why it takes a stricter view than the Tax Court on certain “reverse” exchanges of like-kind property.

Tax Court rules on proportionate-profits depletion for mined minerals

TAX ALERT

Tax Court rules on proportionate-profits depletion for mined minerals

Tax Court examines statue and regulation interaction to determine appropriate mine depletion rate and treatment of additive material costs.

Court held exploratory research expenses were not deductible

TAX ALERT

Court held exploratory research expenses were not deductible

Tax court held that an electrical engineer was not carrying on a trade or business and could not deduct exploratory research expenditures.

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