User talk:Incognito
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Tax Audit
I suggest you wait until the auditor proposes changes. Has the auditor done so? In your discussions with the auditor I suggest you say something along the lines of I see what you are sayings, however, I need to check on that. Acknowledge the point, however, you need to "to do something" have a discussion with the taxpayer, etc.
1. What type of construction is involved? Underground, gemeral, plumbing, etc.
The type of construction can effect the options.
2. Are F/S prepared say for the bank or bonding company?
Wanteding to know the level of financial information available.
3. Has the auditor suggested that you need to change the accounting method?
Or other changes?
Contact roycline at eartlink dot net.
There are some options for example one is not to include retainage (retentions) in A/R or revenue under the accrual method. The theory is that because the amount is not due and payable and has to be rebilled in the final bill it is not a true accounts receivable.
Accounting Method Change
Have you provided the cash to accrual change work papers?
Cash to Accrual
Great...
If you have to give the cash to accrual workpapers, you can "select" the items you include.
For example, I would remove retentions from A/R and A/P, generally this is a net gain for the taxpayer.
Have you been doing the AMT adjustment for POC? I miss this all the time.
always suspect what BLRGCPA has to say
she is incorrect more than half the time, the other half her comments are not on point
