Taxes become deferred when a company's financial accounting methods are different than the acceptable tax accounting methods. This creates a discrepancy between the general ledger and the amounts ...

The Internal Revenue Service has issued a revenue procedure that clarifies the rules for when a company uses the deferral method of accounting for advance payments that are received by the taxpayer ...

Generally accepted accounting principles, commonly referred to by the acronym GAAP, require companies to recognize revenues when they are earned and expenses when they are incurred. Because the timing ...

The Internal Revenue Service has released Rev. Proc. 2025-23, which updates the list of automatic procedures for taxpayer-initiated requests for changes in methods of accounting. Processing Content An ...