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2024 Tax Planning Guide
Accounting Methods
If your average annual gross receipts were $30 million or less in the three previous tax years, you can choose either a cash or accrual method of accounting in 2024. In 2023, the limit was an average of $29 million or less.
You must use the accrual method if your gross receipts exceed that threshold. For more information about the advantages and disadvantages of each method, speak with your tax professional or see IRS Publication 538 – Accounting Periods and Methods.
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