You May Be Able to Change to the Cash Method of Accounting for the Reporting of Your Tax Returns

William Brighenti and Carole Romatis, Accountants CPA Hartford, LLCNow Revenue Procedures 2001-10 and 2008-28 allow many small businesses previously denied the use of the cash method of accounting on their tax returns to elect this basis as the overall method of reporting.  The change is automatic and requires the filing of Form 3115 along with the filing of one’s tax return in the year of change.

Read the article, Automatic Change to the Cash Method of Accounting from the Accrual Basis for Tax Return Reporting, to determine if you qualify and how to elect this significant tax change in your method of accounting.

Be sure to subscribe to our newsletter for assistance with taxes, QuickBooks, and accounting:  please follow this link, William Brighenti, Certified Public Accountant, Certified QuickBooks ProAdvisor.

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Accountants CPA Hartford, LLC

About William Brighenti

William Brighenti is a Certified Public Accountant, Certified QuickBooks ProAdvisor, and Certified Business Valuation Analyst. Bill began his career in public accounting in 1979. Since then he has worked at various public accounting firms throughout Connecticut. Bill received a Master of Science in Professional Accounting degree from the University of Hartford, after attending the University of Connecticut and Central Connecticut State University for his Bachelor of Arts and Master of Arts degrees. He subsequently attended Purdue University for doctoral studies in Accounting and Quantitative Methods in Business. Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals throughout the country as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission. In addition to the blog, Accounting and Taxes Simplified, Bill writes a blog, "The Barefoot Accountant", for the Accounting Web, a Sift Media publication.
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