Accounting Methods Optimization
We seek to maximize the short-term and long-term tax benefits of choosing the appropriate tax accounting methods for your business. Selection of an appropriate accounting method needs to take into account financial reporting considerations, a thorough understanding of your company's business processes and a firm grasp of methods available for selection. This could include basic decisions, such as selection of the use of cash versus accrual method of accounting, or more specific decisions, such as selection of inventory accounting methods.
- Application of newly issued tangible property regulations, including optimization of partial asset disposition rules.
- Change to the last-in, first-out (LIFO) method of accounting for wholesaler and retailer, resulting in significant tax reductions.
- Numerous changes in tax depreciation methods resulting in significant acceleration of tax deductions.
- Selection of appropriate revenue recognition policy for service provider receiving advanced payments.
- Change in the accounting for research and development expenses, resulting in an immediate deduction of current expenditures.
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