If your business is looking for ways to increase its cash flow or finds itself turning profitable and on the verge of paying income tax, looking at your tax accounting methods can highlight opportunities to accelerate deductions or defer income recognition. The result: reduced current-year tax expense and more cash for your business.
Companies that can benefit from a review of their accounting methods include those that have grown or become taxable in recent years as well as those that have acquired other businesses. What’s more, the IRS’s final tangible property regulations and the FASB’s new revenue recognition guidelines can impact the tax accounting of most, if not all, businesses, making it worth taking another look at your methods.
There are numerous benefits to reevaluating your tax accounting practices to identify more tax-efficient accounting methods, including:
Moss Adams has helped companies defer millions of dollars in taxes through filing accounting method change requests. We review your trial balance and book-tax adjustments to understand your current tax methods and identify areas of opportunity and risk. We can prepare the necessary tax filings and manage any questions that may arise from the IRS.
While there are numerous changes to consider, there are several key areas where companies can find significant benefit, including:
Thank you. Your contact request has been received. We will be in touch soon.