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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

Final regulations address issues for former S corporations

TAX ALERT

Final regulations address issues for former S corporations

The IRS released final regulations affecting S corporations that revoked their status in response to TCJA and lower C corporation tax rates.

SBA issues additional PPP loan forgiveness guidance

TAX ALERT

SBA issues additional PPP loan forgiveness guidance

Guidance addresses owner-employee ownership thresholds, related party rents and costs for tenants or sub-tenants or home-based businesses.

SBA releases additional PPP guidance/opens lender forgiveness portal

TAX ALERT

SBA releases additional PPP guidance/opens lender forgiveness portal

PPP lender forgiveness portal is open. Additional guidance issued on loan forgiveness and EIDL amounts as well loan review appeal process.

IRS releases proposed regulations for small business taxpayer methods

TAX ALERT

IRS releases proposed regulations for small business taxpayer methods

The proposed regulations clarify rules on simplified accounting methods for qualified small business taxpayers.

IRS proposes 163(j) safe harbor for residential living facilities

TAX ALERT

IRS proposes 163(j) safe harbor for residential living facilities

Notice 2020-59 proposes a revenue procedure clarifying real property trade or business elections for residential living facilities.

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