Currently, IFRS do not allow for the use of the LIFO inventory method, jeopardizing its use for U.S. tax purposes due to the LIFO conformity requirement in Sec. 472. The disallowance of the use of LIFO for tax purposes would result in a large current tax bill for many of the companies that use the method.
March 2009 - The Tax Adviser
INDIVIDUALS
Sec. 121 Planning Opportunities After the Housing Assistance Tax Act
The Housing Assistance Tax Act of 2008 (the Housing Act) implemented major revisions to Sec. 121.
exempt organizations
Employment Tax Reporting for Disregarded Entities
Many tax-exempt organizations have formed single-member limited liability companies (SMLLCs) as integral parts of their entity structure. However, SMLLCs with employees have new reporting requirements effective January 1, 2009.
STATE & LOCAL TAXES
Current Corporate Income Tax Developments (Part I)
During 2008, there were many changes in the area of state and local corporate income taxation. This article focuses on some of the more interesting items in the following corporate income tax areas: nexus, tax base, allocable/apportionable income.