Key elections and accounting methods taxpayers should consider for 2013 returns.
Filing a federal income tax return can cause a taxpayer to adopt a method of accounting, both in general and with respect to a specific item. Accordingly, a taxpayer should consider what accounting methods it intends to adopt prior to filing its return. Failing to consider adoption of an accounting method may result in reporting an item under an impermissible method, inadvertently accelerating income, or inadvertently deferring a deduction.
This Insight includes: