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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

IRS releases 2020 limits for depreciation deductions for autos

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IRS releases 2020 limits for depreciation deductions for autos

Revenue Procedure 2020-37 lists depreciation limits for owners and lessees of passenger automobiles placed in service or leased in 2020.

PPP borrowing extended through Aug. 8, 2020/borrower info released

TAX ALERT

PPP borrowing extended through Aug. 8, 2020/borrower info released

Congress extends PPP timeline for approved applications through Aug. 8, 2020; SBA releases data set of borrower information.

SBA further clarifies loan forgiveness process

TAX ALERT

SBA further clarifies loan forgiveness process

SBA / Treasury release additional changes to Interim Final Rules that further clarify loan forgiveness process.

Senate passes PPP fix that lengthens covered period; adds flexibility

TAX ALERT

Senate passes PPP fix that lengthens covered period; adds flexibility

PPP legislation extends covered period for loan forgiveness and Congress amends 75% payroll requirement; bill heads to President Trump.

SBA formalizes loan forgiveness guidance; loan review procedures

TAX ALERT

SBA formalizes loan forgiveness guidance; loan review procedures

SBA releases authoritative loan forgiveness guidance as well as SBA loan review procedures and borrower responsibility.

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