As companies respond to dynamic environments, accounting methods can get outdated, losing key timing for income, deductions and cost capitalization or recovery. The wrong method costs money while the right accounting methods offer real benefits for deferring income and offering significantly better cash flow.
The skilled tax professionals at RSM can help execute your business decision in a tax efficient manner to maximize tax savings. Following a detailed analysis of your records, we can reveal more tax-efficient methods for improving cash flow, managing effective tax rates, mitigating past noncompliance, or even managing expiring net operating losses. Method changes are both strategic and tactical. Our accounting methods specialists can prepare the required forms, including Form 3115, implement the new methods and file documents.