We Work Hard To Identify The Right Accounting Method For Our Clients
Convergence CPA Group works to identify and implement favorable methods of accounting for clients. After reviewing certain key information, we provide a list of proposed accounting method changes, including potential cash benefits that may be generated by the changes, along with the steps required to implement the change. Our recommended accounting method changes may result in a deferral of the payment of federal income taxes, or it may identify improper accounting methods to reduce tax exposure.
We assist existing businesses in adopting tax accounting methods by filing Federal Form 3115 with the IRS. We also understand that getting off on the right foot is essential for any business, and we assist start-ups and recently acquired companies in adopting the most efficient methods from the beginning. Some of the changes Convergence has delivered include income items and deduction items, which can be found below.
Income Items
Advance payments
Trade discounts
Deferral of sales revenue
Gift card revenue
Disputed receivables
Cash discounts
Warranty income
Non-accrual experience method
Percentage completion method
Deductions Items
Prepaid expenses
Materials and supplies
Self-insured medical reserves
Medical portion of workers compensation
Accrued professional fees
Software development costs
Depreciation
Deferred compensation and payroll taxes
Accrued bonuses
Personal property tax accruals
Transaction costs on business combinations