Usually, if a business wants to change a method of accounting, it must file a request with the IRS and pay a user fee. But there are many instances in which the IRS gives automatic consent. The IRS released an updated list of automatic accounting method changes. This new list removes obsolete provisions and clarifies or modifies others. For example, it makes a clarification for the accounting rule with respect to liabilities for rebates and allowances. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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