When a new business is formed,it must request approval from the IRS regarding the adoption of its various accounting methods.

Name: When a new business is formed,it must request approval from the IRS regarding the adoption of its various accounting methods.
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Quizplus · Accepted Answer

New businesses do not need to request approval from the IRS to adopt accounting methods; they simply choose their methods and report them on their tax returns. Approval is only needed if they later wish to change these methods.

When a New Business Is Formed,it Must Request Approval from the IRS