The IRS provided updated rules for the various accounting method changes that qualify for automatic consent from the IRS.
When not required to use the accrual method, taxpayers should consider the benefits provided under the cash method.
This item explores the approach taken by the Third Circuit in determining whether a retailer qualified for the recurring-item exception.
Taxpayers should note the interplay between tax accounting methods and tax credit eligibility when choosing to adopt or change their method specific to software development activities.
The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB’s new revenue recognition standards.
The IRS clarified that a taxpayer may not delay the income inclusion of the grandfathered deferred compensation amounts beyond 2017 by requesting a change in method of accounting.
A homebuilder could apply the percentage-of-completion method for income deferred under the completed-contract accounting method, based on completion of the development rather than on the sale of individual homes.
The IRS extended for one year its waiver of the eligibility rule that generally prevents taxpayers from using the automatic accounting method change procedures to change the treatment of the same item more than once within a five-year period.
This article highlights a few ASC Topic 740, Income Taxes, tax matters companies have missed or overlooked in tax provisions.
A corporation may have to use the accrual method if it is required to maintain inventory records.
In some situations, an accounting method must be changed by operation of law.
The IRS finalized regulations that implement new SEC rules that change how gains and losses in money market funds are calculated.
Unless otherwise provided, a taxpayer must secure the IRS’s consent before changing its accounting method.
A grocery store/gasoline retailer could take a deduction for discounts on gasoline purchases that the store’s customers had accrued but not yet taken at the end of the year.
Any part of the five-step model may cause a significant departure from the current financial reporting practices of many manufacturers and may also have significant income tax implications.
The IRS updated the procedures taxpayers must use to make automatic changes in accounting method.
Taxpayers have had significant questions regarding the safe harbor.
This column focuses on what the revenue procedure provides to taxpayers that was not previously available.
The IRS alerted the public that a new Form 3115, Application for Change in Accounting Method, has been issued with a revision date of December 2015, the first revision since 2009.
Companies should get a jump on analyzing the effects of implementing the standard and evaluating tax methods.