There are no special tax consequences arising from a change in accounting method as long as the taxpayer is switching from one permissible method to another.

Question

Quizplus · Accepted Answer

Changing from one permissible accounting method to another can have significant tax consequences because it may alter the timing of income recognition or expense deduction, potentially leading to adjustments that could increase or decrease taxable income in the year of change.

There Are No Special Tax Consequences Arising from a Change