Tax Strategies for Increased Cash Flow: A McGill US Perspective

Unlocking potential cash flow and minimizing tax expenses becomes paramount as your business edges towards profitability. McGill US guides you through strategic tax accounting methods, identifying opportunities for accelerated deductions and deferred income recognition, ultimately enhancing your liquidity.

• Targeted Business Benefits: Companies experiencing recent growth, taxability, or acquisitions stand to gain substantial benefits from a comprehensive review of their accounting methods.

• Navigating Regulatory Changes: The IRS's final tangible property regulations and the FASB's new revenue recognition guidelines can impact the tax accounting landscape for most businesses, necessitating a fresh look at your methods.

• Tax-Efficient Practices: Reevaluate your tax accounting practices with McGill US to identify tax-efficient methods, offering benefits such as tax deferral, accelerated deduction of capitalized items, and mitigation of IRS audit risks.

• Key Areas of Focus:

  • Income Deferral Strategies: Explore specific approaches for advance payments, gift cards, and disputed receivables.

  • Inventory Tax Planning: Discover cost reduction strategies, cash and trade discounts, and explore different costing and valuation methodologies (LIFO, FIFO, and RIM).

  • Optimizing Fixed Assets: Identify opportunities for accelerated depreciation, leverage new regulations, and reclassify capital expenditures as deductible repairs using the De-Minimus Election.

  • Accelerating Deductions: Seize opportunities for prepaid expenses, bad debts, self-insured medical costs, software development costs, property taxes, rebates, and compensation-related accruals.

  • Overall Cash Method: Service-oriented businesses may benefit from utilizing this method.

With a track record of helping businesses defer substantial tax amounts, McGill US conducts a meticulous review of your trial balance and book-tax adjustments. We prepare necessary tax filings, manage inquiries from the IRS, and ensure your business thrives in a tax-efficient environment.