Accounting Methods

a methodical
approach to
navigating
complexities

Organizations must be flexible to be successful in today’s rapidly changing business environment. As revenue streams, distribution channels and resource sourcing become more fluid, internal accounting systems must also change to keep pace with internal and external reporting requirements. Organizations that go through such changes often benefit from a detailed review of their tax accounting methods.

Each item of income and deduction could have multiple correct methods of accounting for income tax purposes. The aim of a tax accounting methods review is to identify the most advantageous method, while also identifying any impermissible methods that should be changed. Changing the tax method of accounting for just one item can yield significant tax benefits.

Our DHG tax professional can help you navigate the impact of a changing business environment so that you can feel confident that your accounting methods are in sync with your business goals.

Some of the areas in which our tax professionals can assist include:

  • Inventories – LIFO, FIFO and RIM
  • Fixed Asset Analysis – Capitalization, Depreciation and Cost Segregation
  • Revenue Recognition
  • Accounting for bad debts
  • Deductions such as compensation, inventory and A/R reserves
  • 263(a) – ‘Repair’ Regulation Compliance
  • Long-Term Contract Accounting
  • Leasing Transactions
  • Converting from the cash method of accounting to the accrual method, and vice versa.

Let DHG's professionals help you get the peace of mind that comes from knowing that you have the right tax accounting methods for your business.

Publications Publications
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2018 Year End Tax Planning Letter
It is hard to believe that the year is almost over, and the holiday season is upon us. As you put the finishing touches on your year-end plans remember to
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IRS Issues Automatic Method Change Procedures for Sm...

Revenue Procedure 2018-40 is part of the IRS’s ongoing efforts to clarify and simplify small business taxpayer accounting method opportunities. By
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IRS Releases Updated Guidance on Automatic Accountin...
The Internal Revenue Service (IRS) released new guidance in May pertaining to automatic method change requests. The guidance comes in the form of two
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IRS Requires Electronic Payments of User Fees for Ac...
On June 1, 2017, the IRS issued Notice IR-2017-102 describing new electronic payment requirements for taxpayers requesting letter rulings, closing
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2018 Year End Tax Planning Letter
It is hard to believe that the year is almost over, and the holiday season is...
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Targeted Improvements to Related Party Guidance for ...

On October 31, 2018, the Financial Accounting Standards Board (“FASB”)...
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Revenue Recognition: A Private Company Disclosure Guide
The Financial Accounting Standards Board issued Accounting Standards...
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