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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
TAX ALERT
IRS releases simplified method change for insurers’ reserves
Rev. Proc. 2019-34 offers simplified procedures for insurers to change accounting methods to comply with section 807 for reserves.
TAX ALERT
IRS issues notice letters to individuals with digital asset activity
The IRS has begun sending over 10,000 letters to certain taxpayers advising them to report virtual currency transactions.
TAX ALERT
IRS guidance offers simplified method change for insurers
New guidance provides automatic method changes for insurance companies to comply with section 846 and revises unpaid loss discount factors.
TAX ALERT
Giving to charity bites taxpayer in the NOL…IRS issues CCA 201928014
Taxpayer must use the year-by-year method in determining NOL carryover due to section 170 adjustments to modified taxable income.
TAX ALERT
Final Reg. pull rules for long-term deferral of advance payments
Final regulations terminate Reg. Section 1.451-5, which previously allowed multiyear deferral of advance payments for goods and services.