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Author Question: Prior Corp. plans to change its method of accounting for supplies. Both the old and new methods are ... (Read 75 times)

cmoore54

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Prior Corp. plans to change its method of accounting for supplies.  Both the old and new methods are acceptable.  Which of the following statements is correct regarding the change?
◦ The taxpayer will need to amend prior returns to reflect the new method.
◦ The taxpayer will report the full amount of change in the current tax return.
◦ The taxpayer will report the net adjustment over four years.
◦ The taxpayer will report the net adjustment and pay the tax when it files the Form 3115.


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Marked as best answer by cmoore54 on Sep 13, 2020

JaynaD87

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cmoore54

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Reply 2 on: Sep 13, 2020
Gracias!


lindahyatt42

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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