Should Your Business Make a Tax Accounting Method Change?
The many changes brought about by the Tax Cuts and Jobs Act (TCJA) have been largely beneficial for businesses across all industries. One change in regard to tax accounting methods is particularly advantageous for contractors and manufacturers: an increased annual gross receipt threshold of $25 million for tax years beginning after December 31, 2017.
With this increase, your business may have more options for its accounting method than ever before. Here are a few of the options now available.
Could you benefit from an accounting method change?
In light of the new developments mentioned above, it’s a good time to revisit your tax accounting methods to determine if a change would be beneficial. Sometimes a change can help to relieve the burden of administrative time and even reduce your tax burden. Making an accounting method change requires filing certain forms, and it’s advantageous to act sooner rather than later. If you’d like to explore your options, please give us a call today.