Cash basis vs accrual basis at tax time

[Joseph M.]

I currently own a rental property in my name and was paid in advance for rent. I asked my accountant if we could account for it on an accrual basis and he told me that I wouldn't be able to. Can anyone provide some insights around this, as I am currently showing a good deal of profit which is lowering my tax return significantly? 

[Justin Reed]

Brian Maida according to the IRS you need to recognize advance rent when received. Here is the link to the IRS website that highlights this information and some other tips on rent recognition https://www.irs.gov/businesses/small-businesses-self-employed/rental-income-and-expenses-real-estate-tax-tips

Hope this helps