Accounting methods and inventories
Every business, from its outset and throughout its existence has issues, decisions and opportunities relating to tax accounting methods. Tax-year selections and changes can also be important, as can tax accounting for inventories for businesses that have them. WTAS has professionals specially trained and highly experienced in handling these matters. We can help your business with:
"The timing of income and expense recognition for tax purposes is an essential element of tax planning for
every business. At WTAS, we have the knowledge and experience necessary to effectively help you with tax
accounting issues."
- Tax accounting for special or unique types of transactions
- Accounting method change applications to IRS
- Tax-year change applications to IRS
- Tax elections, including implementation and requests for IRS relief on late elections
- Accounting method reviews to identify opportunities or potential exposures
- Accounting method controversies, including IRS Technical Advice requests and Appeals Office hearings
- Uniform capitalization (UNICAP) calculations
- LIFO inventory calculations and method changes
- IRC Sec. 475 mark-to-market elections and method changes
- Cash-to-accrual method changes