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
No Items.
115
0
News News
No Items.
115
0
Alerts Alerts
Tax-R&D-thumb.jpg
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
Read More
Tax-R&D-thumb.jpg
IRS Updates Automatic Accounting Method Change List;...
The Internal Revenue Service (IRS) recently issued two revenue procedures addressing accounting methods. Revenue Procedure 2017-30 updates the list of
Read More
Tax-R&D-thumb.jpg
Federal Tax Reform: The Possibilities and How to Pre...
The general consensus is that tax legislation in some form will be enacted in the near future. Will it result in a sea-change in how we currently pay
Read More
115
2
Events Events
Tax-R&D-thumb.jpg
6/28/2018 12:00 PM to 6/28/2018 1:00 PM
Creating Real Tax Savings Through Accounting Method ...
Webinar-Virtual
115
1
Blog Blog
No Items.
115
0
Case Studies Case Studies
No Items.
115
0
DHG TV DHG TV
No Items.
115
0
Name/Title Office vCard Email

Industry Issues



Services In Focus
Alerts, News
& Publications


Tax Reform Considerations for Private Equity

The sweeping tax reform legislation, commonly referred to as the Tax Cuts and...
Read More

Georgia Enacts Income Tax Legislation

On March 2, 2018, Governor Deal signed “House Bill 918” (the bill) into law,...
Read More

DHG Partner Liz Gantnier to Serve as AICPA Quarterly...

Charlotte, N.C., March 22, 2018 – Dixon Hughes Goodman, a...
Read More

Events

6/28/2018 12:00 PM
Creating Real Tax Savings Through Accounting Method ...
Webinar-Virtual



Blog

Have You Heard of...
WCSC-TV’s Live 5
Read More

Warranty Woes in ...

Warranties seem
Read More

Case Studies