Solved: Review and approval by the irs, Accounting Basics

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Review and approval by the irs

Problem:

Once a method of accounting has been selected and applied for tax reporting, it can only be changed with permission of the IRS.

Any change from an improper method to a proper method will automatically be approved after filing for permission.

Required:

1. List three common types of changes in method subject to review and approval by the IRS.

2. Adjustments as a result of a change in method can affect how many years?

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Accounting Basics: Review and approval by the irs

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Accounting Basics: Review and approval by the irs

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