How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Marvin,EA Your Own Question
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
Type Your Tax Question Here...
Marvin,EA is online now
A new question is answered every 9 seconds

imy accountant set my books up on a accrual basis, now i find

Resolved Question:

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: 8 years ago.
Category: Tax
Expert:  Marvin,EA replied 8 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 ( . 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.

Marvin,EA and other Tax Specialists are ready to help you