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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. 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.
