Accounting Methods Webinar November 2024
Alex Bagne, President of ICS, recently hosted a webinar on accounting methods in November 2024. The webinar drew an audience of over 1,000 participants, and we are now contributing our expertise by publishing answers to your accounting methods Accounting methods are the rules used to report income and expenses for tax purposes. A change in accounting method includes any adjustment to a taxpayer’s overall method of accounting. The IRS requires taxpayers to adopt an accounting method that accurately reflects their income and to consistently apply it year after year. As a tax planning tool, accounting methods help taxpayers implement cost segregation studies and energy efficiency incentives, adopt beneficial provisions of the Tangible Property Regulations, and numerous other tax minimization strategies. ...
