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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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