Gain a better understanding of the benefits of converting to the Cash method of Accounting if the income thresholds are met and important provisions that deserve review and consideration.
Many businesses and business owners have been focusing on the recent Tax Act's effects on tax rates and net income. Many of the more important provisions that deserve review and consideration are those affecting tax accounting for contracts, inventories and the benefits for smaller businesses to switch to the cash method of accounting. For businesses with qualifying gross receipts of $25,000,000 or less (indexed for inflation) and for those who advise such businesses, obtaining a better understanding of the benefits of the cash method can provide substantial fiscal benefits.
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