The IRS often determines upon audit that a business has over a period of years failed to report properly items of income or expense. In that case, the ability of the government to assert additional ...

Learn how accounting earnings are calculated, their role in financial statements, and their influence on stock valuation with insights into net income and expenses.

Future income taxes are upcoming tax costs or savings due to discrepancies between financial statements and tax returns.

The IRS has issued new guidance on automatic accounting method changes. Revenue Procedure 2009-39 provides certain additions, modifications and clarifications to Revenue Procedures 2008-52 and 97-27 ...

Section 446(e) requires a taxpayer to obtain IRS consent prior to changing its accounting method. A change in method of accounting may include either a change in an overall plan of accounting for ...

The article discusses 'Continuing Life Communities Thousand Oaks, LLC v. Commissioner', a recent decision of the Tax Court that rejected an IRS effort to change the method of accounting followed by a ...

The IRS issued new procedures taxpayers should use to make accounting method changes. Rev. Proc. 2015-13 contains the rules taxpayers should follow to make nonautomatic changes in methods of ...