The general tax rules for income recognition under an accrual method of accounting were changed in the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, which added new Secs. 451(b) and (c).

There are two basic methods of accounting that businesses use to track and report revenues: the cash basis and the accrual basis. Under the accrual basis, revenues are recorded on a company's income ...

Learn what every business owner needs to know about financial accounting, accounting software and financial statements.

Although bookkeeping seems like a clear and objective endeavor, it is actually based on a set of assumptions and conventions that can affect the information you distill, changing numerical outcomes, ...

Relatively early in a law firm's existence, a decision is required concerning whether to report financial activities to the Internal Revenue Service on a "cash" or "accrual" accounting basis.

Financial statements provide nonprofits, their donors, grantors, lenders and constituents with detailed data on the nonprofits' financial stability and health. These statements also indicate how well ...

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. Suzanne is a content marketer, writer, ...

NEW YORK, Nov. 13, 2020 (GLOBE NEWSWIRE) -- Fiduciary/Claymore Energy Infrastructure Fund (“FMO” or the “Fund”) today announced a change in the estimate of the accrual of federal and state income tax ...

Most businesses handle their accounting on an accrual basis. What is accrual basis accounting? It’s the practice of recording transactions at the point of origination, even if no money changes hands ...