Question: Read the following article provided below. Outline the tax code provisions relative to the applicability of cash versus accrual tax methods to businesses. What are

Read the following article provided below. Outline the tax code provisions relative to the applicability of cash versus accrual tax methods to businesses.

What are the relative advantages of the cash and accrual methods of accounting?

Describe how a business adopts a permissible accounting method. Are the new provisions tax-friendly or unfriendly to businesses?

Describe why the IRS might be skeptical of permitting requests for changes in accounting methods without a good business purpose.

Article 1: https://www.journalofaccountancy.com/issues/2019/jan/small-business-tax-accounting-methods.html

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