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The road widens for the cash-method odyssey: Rev. proc. 2002-28 expands and clarifies availability
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The road widens for the cash-method odyssey: Rev. proc. 2002-28 expands and clarifies availability
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Trade Publication Article
The road widens for the cash-method odyssey: Rev. proc. 2002-28 expands and clarifies availability
2002
Overview
Rev. Proc. 2002-28 differs in many respects from the proposal it finalizes which afforded many \"small\" businesses the unquestioned use of a modified cash method of accounting. The Procedure likely will become a major contour in the accounting method landscape, as it significantly expands and clarifies Notice 2001-76. The purpose of Rev. Proc. 2002-28, like that of Notice 2001-76, is \"to reduce the administrative and tax compliance burdens on certain small business taxpayers and to minimize disputes between the Internal Revenue Service and small business taxpayers.\" Rev. Proc. 2002-28 will add a degree of certainty to the accounting method area for many qualifying small business taxpayers (QSBTs). Under the Procedure, QSBTs can obtain automatic consent to adopt or change to a \"simplified\" cash or accrual method of accounting. Rev. Proc. 2002-28 is effective for tax years ending on or after Dec. 31, 2001.
Publisher
Thomson Reuters (Tax & Accounting) Inc
