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Cash Basis

16 / 12 / 2015 by Greg Freyman, CPA in Business Tax

Should Our Farm Be On An Accrual Or Cash Basis Of Accounting?

Question
Our company owns a farm. According to IRS publication 225 most farmers use the cash basis of accounting since it is easier, but some farmers are required to use the accrual basis of accounting. Should our farm be on an accrual or cash basis? What should we use for our farm if we have an unincorporated business? Also, is the inventory method required?

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