REG – Cash VS. Accrual Method

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    Topic
  • #186981
    Amay
    Member

    Can someone please confirm for me if the exception rules for allowing cash basis instead of accrual basis are true for all taxpayers (i.e. individuals, corps, partnerships)?

    Exception rule: Taxpayer can use cash basis if they have average gross receipts of $1M or less, even if they carry inventory ($5M or less if they do not carry inventory).

    Thanks!

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! đŸ˜€

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently đŸ™‚

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  • #581264
    Amay
    Member

    Anyone studying for REG have any enlightening thoughts?

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! đŸ˜€

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently đŸ™‚

    #581265
    Amay
    Member

    I think I was wrong and the exception above is only for corporations and partnerships. But anyone feel free to correct me if I'm wrong! :p

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! đŸ˜€

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently đŸ™‚

    #581266
    WeWillSee
    Member

    Generally Individual taxpayers are cash basis taxpayers

Viewing 3 replies - 1 through 3 (of 3 total)
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