But Krauss said that from the moment he and the other scientists arrived on the island, they never saw anything untoward.
COMPANIES THAT FAIL THE $1 MILLION AVERAGE revenue test are not affected by the revenue procedure. For them, determining whether to use the cash or accrual method hinges on two issues: the material income-producing factor test and their type of entity. COMPANIES SELLING MERCHANDISE GENERALLY must use the accrual method to account for purchases and sales.
Schedule C Method. The IRS requires small business owners to select cash or accrual accounting when they complete Schedule C. The method reported on the tax forms must be the method actually used in the business. Once you choose cash or accrual, you must request approval from the IRS to change the accounting method.