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More small businesses can now use cash accounting: IRS

Source: https://accountingtoday.com/news/more-small-businesses-can-now-use-cash-accounting-irs - Aug 8, 2018

Small-business taxpayers with average annual gross earnings of $25 million or less in the prior three-year period are now allowed to use the cash method of accounting, according to new guidance from the IRS.

The revenue procedure outlines how eligible small-business taxpayers can obtain automatic consent to change accounting methods now permitted under the Tax Cuts and Jobs Act.

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Category: General Business