Midyear tax planning – Is it time to switch accounting methods?

Description

Abstract: The Tax Cuts and Jobs Act liberalizes the eligibility requirements for certain accounting methods that are generally easier to use and more flexible. This article highlights a higher gross receipts limit for eligibility to use the cash method, simplified alternatives for reporting inventory, and an exemption from the UNICAP rules. It also explains the pros and cons of the cash and accrual methods.