C IL | I use cash accounting for taxes.
I do an accrual budget and accrual financial statement adjustments each year and I assign a crop year accrual entry to each transaction within CenterPoint for Ag, so I can print out a true accrual financial statement for a crop year even when you get assigned a USDA payment 2 or 3 years after the event triggering the program. I have started to calculate a deferred income tax line for not just the estimated taxes due a month after Dec 1 but also deferred income taxes beyond that. 2 years of high school accounting has been amazingly useful, enough that I dropped intro accounting in college because I already knew that material.
I have some CPA’s in the family so I get forwarded some of the listserv emails and policy changes and proposals, which is interesting. |