Transcription of WHICH ACCOUNTING METHODS FOR SMALL …
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WHICH ACCOUNTING METHODS FOR SMALL …
WHICH ACCOUNTING METHODS FOR SMALL CONSTRUCTION CONTRACTORS ARE ALLOWED FOR TAX PURPOSES? WHICH IS BEST? A DECISION HEURISTIC HELPS CHOOSE JEFFREY N. BARNES School of Business Southern Utah University 357 West Center Cedar City, Utah 84720 (435) 586-5406 KATHERINE BLACK School of Business Southern Utah University 357 West Center Cedar City, Utah 84720 (435) 586-7773 2 WHICH ACCOUNTING METHODS FOR SMALL CONSTRUCTION CONTRACTORS ARE ALLOWED FOR TAX PURPOSES? WHICH IS BEST? A DECISION HEURISTIC HELPS CHOOSE ABSTRACT Many tax preparers still have difficulty determining and properly communicating the allowable tax ACCOUNTING METHODS and bookkeeping procedures needed for SMALL construction contractors, especially those having partially-completed contracts at year-end.
5 With regard to accounting for inventories, the code states, “Whenever in the opinion of the Secretary the use of inventories is necessary in order clearly to determine the income of any taxpayer, inventories shall be taken by such taxpayer on such basis as the Secretary may prescribe as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly
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