When you open your business, how you choose to account for your finances will be one of the most important decisions that you will make. You will need to choose a sole proprietor accounting method. An ...

The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, which generally took effect in 2018, provides welcome simplifications for small business taxpayers. This article highlights some of ...

The accounting for the costs of inventory depends on the cost flow method you chose. The four ones in common use are last in, first out (LIFO), first in, first out (FIFO), specific identification and ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Vikki Velasquez is a researcher and writer ...

Many contractors can build better cash flow using accounting options that until passage of the Tax Cuts and Jobs Act (TCJA) were unavailable to them. Nevertheless, there remains a surprising number of ...

The IRS on Thursday updated the list of accounting method changes to which automatic change procedures apply (Rev. Proc. 2021-34). Generally, unless otherwise provided, a taxpayer must secure the ...

The Financial Accounting Standards Board has issued two proposed accounting standards updates with the goal of simplifying employee share-based payment accounting and the equity method of accounting ...

What Is the Cost Accounting Method? The cost accounting method, which assesses a company's production costs, comes in a few broad styles and cost allocation practices. However, cost accounting comes ...