Electing the Ratable Accrual Method to Accrue Real Property Taxes Pursuant to Internal Revenue Code Section 461: General Rule for Taxable Year of Deduction by William Brighenti, Certified Public Accountant, Certified QuickBooks ProAdvisor, Accountants CPA Hartford, LLC of Berlin, Connecticut
Many taxpayers erroneous think that if they are on the accrual method for tax accounting that they may simply accrue real property taxes on their tax returns. No necessarily so. Taxpayers need to adopt or elect the recurring items exception or the ratable accrual method for real property taxes. Find out more by reading Electing the Ratable Accrual Method to Accrue Real Property Taxes Pursuant to Internal Revenue Code Section 461: General Rule for Taxable Year of Deduction.