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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
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Experience:  Enrolled to Represent Taxpayers Before The IRS
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imy accountant set my books up on a accrual basis, now i find

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imy accountant set my books up on a accrual basis, now i find out i should have stayed on a cash basis. How do i switch back to a cash basis. and what is the liability if any?
Submitted: 7 years ago.
Category: Tax
Expert:  Marvin,EA replied 7 years ago.

Hello and thanks you for using Just Answer. To later change methods, IRS consent must be obtained by filing Form 3115, Application for Change in Accounting Method (www.irs.gov/pub/irs-pdf/f3115.pdf) . If the change is not automatic, a fee of $2,500 applies. Business or personal tax issues of taxpayers with gross income less than $250,000 qualify for a reduced user fee of $625.

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