_____ 5.All taxpayers may use the accrual method of determining income but certain taxpayers may not use the cash method.

Name: _____ 5.All taxpayers may use the accrual method of determining income but certain taxpayers may not use the cash method.
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Question

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Certain taxpayers, such as corporations with gross receipts exceeding $25 million, are required to use the accrual method for tax purposes. However, all taxpayers have the option to use the accrual method if they choose to do so.

_____ 5All Taxpayers May Use the Accrual Method of Determining Income