Chapters 3 v2 - 3 Tax Accounting Methods Tax Accounting...

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1 The American College: The American College: Federal Tax: Chapter 3 Federal Tax: Chapter 3
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2 Four Basic Income tax Concepts Four Basic Income tax Concepts Gross Income- Income included on a taxpayers income tax return Doctrine of Constructive Receipt cash v. accrual basis in accounting Timing Issues Economic Benefit Theory Assignment of Income
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Unformatted text preview: 3 Tax Accounting Methods Tax Accounting Methods Cash Basis: Generally, recognize income when payments are received, recognize expenses when paid. Accrual Basis: Generally, recognize income when earned and expenses when incurred. Accrual method must be used for sales and COGS when inventories are income producing...
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Chapters 3 v2 - 3 Tax Accounting Methods Tax Accounting...

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