Depending on the circumstances, the Judge may or may not grant that request. You should ask the IRS attorney if he or she will agree with the request for continuance and you should let the Tax Court know if there is any objection. The Judge may or may not grant your request for continuance.
If differences exist, then adjustments should be made to get the accounting counts to match the warehouse counts. A full physical inventory is usually performed when all inventory movements are stopped to ensure better accuracy. Cycle counts represent a procedure to validate inventory quantity in the accounting system through regular partial counts.
The main difference between the two systems is how often inventory data is updated. THE PERIODIC METHOD. The periodic inventory method is one in which inventory data is updated after a specific interval of time, usually a year. This is where the term periodic comes from. Data is entered into the inventory systems after a specific period of time. The periodic inventory system is most useful for smaller businesses that maintain minimal amounts of inventory.