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The taxpayer had incorrectly been using the cash method of accounting. For 2024, the company voluntarily changed to the accrual method. The adjustment due to
The taxpayer had incorrectly been using the cash method of accounting. For 2024, the company voluntarily changed to the accrual method. The adjustment due to the change in method as calculated at the beginning of 2024 was $120,000 (positive). The adjustment as calculated as of the end of 2024 was $80,000 (positive). As a result of the change in method, the company must increase its 2024 gross income by
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