Taxing Definitions

All Events Test

Image source: openclipart.org When you use an accrual method of accounting, your financial statements reflect that you recognize income when you earn it and expenses when you incur them. The all events test is a standard for determining when an item of income or expense should be included on your income tax return. Income inclusion is covered in Regulation 1.451-1(a),…

Continue Reading

 ... Read This Post