What CHANGE IN ACCOUNTING METHOD means: A change from one accounting method to another, which usually requires prior approval from the IRS. A change generally requires adjustments to avoid omissions or duplications.
- Definition Community Property:
- Dictionary to belong in equal shares to a husband and wife. This concept of ownership for property acquired after marriage is followed in Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas change in accounting method definition.
- Definition Closed Year:
- Dictionary A tax year for which the statute of limitations has expired. The taxpayer can't claim a refund and the IRS can't collect additional taxes (with certain exceptions change in accounting method explain.
- Definition Capital Asset:
- Dictionary all assets are capital assets except those specifically excluded by the tax Code. Major categories of noncapital assets include property held for resale in the normal course of business (inventory change in accounting method what is.
- Definition Corporation:
- Dictionary purposes, an entity that is incorporated under the laws of a state, a foreign entity that is treated as a corporation under IRS regulations, or an unincorporated entity that elects to be taxed as a change in accounting method meaning.
How works Change in Accounting Method meaning in Tax definitions C .