Taxes become deferred when a company's financial accounting methods are different than the acceptable tax accounting methods. This creates a discrepancy between the general ledger and the amounts ...

Two sets of proposed Treasury regulations issued on Thursday provide new rules on how taxpayers treat income from advance payments under new book-tax conformity rules. One set of proposed regulations ...

Generally accepted accounting principles, commonly referred to by the acronym GAAP, require companies to recognize revenues when they are earned and expenses when they are incurred. Because the timing ...

The Internal Revenue Service has issued a revenue procedure that clarifies the rules for when a company uses the deferral method of accounting for advance payments that are received by the taxpayer ...

The Internal Revenue Service has released Rev. Proc. 2025-23, which updates the list of automatic procedures for taxpayer-initiated requests for changes in methods of accounting. Processing Content An ...