identify the tax issue or issues suggested by the following situations and state eac 4519762

Identify the tax issue or issues suggested by the following situations and state each issue in the form of a question. Company A, a calendar year taxpayer, has always used the cash method of accounting. It completed an engagement for a major client in November 2015 and submitted a bill for its $160,000 fee. Because Company A didn’t receive payment before year-end, it recognized no income from the engagement on its 2015 tax return. In January 2016, Company A received permission from the IRS to change from the cash method to the accrual method. This change is effective for 2016. On February 2, 2016, Company A received a $160,000 check from the client in payment of the bill.

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