Cash basis accounting records when cash actually changes hands in a transaction, providing a real-time view of your financial ...

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.

Accrual accounting is the preferred approach for companies reporting their financial statements under generally accepted accounting practices (GAAP), which are issued through the standards of the ...

F or many years, the IRS clashed over the cash method of accounting with small business taxpayers who provided services as the mainstay of their business but who were categorized as inventory ...