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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

Corporate deductions for shareholder expenses denied

TAX ALERT

Corporate deductions for shareholder expenses denied

Tax Court denies S corporation’s deductions claimed for its shareholders’ expenses; reason and requirement for payment determinative.

Proposed regulations for 100 percent bonus depreciation released

TAX ALERT

Proposed regulations for 100 percent bonus depreciation released

The Internal Revenue Service releases the proposed regulations under section 168(k) (100 percent bonus depreciation).

IRS releases guidance on small business accounting method changes

TAX ALERT

IRS releases guidance on small business accounting method changes

Revenue Procedure 2018-40 expands automatic consent procedures for method changes for small businesses in accordance with TCJA.

IRS finds periodic revolver commitment fees deductible

TAX ALERT

IRS finds periodic revolver commitment fees deductible

IRS Field Attorney Advice memo reflects potential for IRS audit questions on deduction or capitalization of debt-related fees.

IRS announces proposed regulations on SALT deduction cap

TAX ALERT

IRS announces proposed regulations on SALT deduction cap

IRS warns taxpayers that federal law controls the characterization of payments made in exchange for state and local tax deductions.

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