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Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
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- Automatic change in accounting method from cash to accrual
Automatic change in accounting method from cash to accrual
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Paul Gee
Level 1
09-08-2023
02:23 PM
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Taxpayer is a sub s-Corp cash basis taxpayer in the equipment rental business. This year the taxpayer has gross revenue in excess of $25,000,000 and has elected to begin selling used equipment to customers and began keeping an inventory of equipment available for sale. Does the taxpayer qualify for an automatic change in accounting methods from cash to accrual?
3 Comments 3
sjrcpa
Level 15
09-08-2023
04:31 PM
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I guess so. I didn't think of that.
The more I know, the more I don't know.
