Small business taxpayers should be aware of the implications of adopting the regulations through the small business exception.
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Methods
Revenue Procedure Permits Safe Harbor for Ratable Service Contracts
Taxpayers using the accrual-basis method of accounting were given a safeharbor to treat economic performance as occurring on a ratable basis for certain
service contracts.
IRS Notice Asks for Comments on Proposed Revenue Recognition Standards
The IRS asked for comments on what effect the new proposed financial accounting revenue recognition standards issued by FASB and the International Accounting Standards Board should have on taxpayers’ methods of accounting.
New Safe Harbor Governs Accounting for Ratable Service Contracts
Qualifying accrual-basis taxpayers will be allowed to treat economic performance of certain service contracts as occurring on a ratable basis under a safe harbor introduced by the IRS.
Revised Form 3115 Issued in Draft Form
The IRS has posted a draft revised version of Form 3115, Application for Change in Accounting Method, on its website.
Don’t Miss This Opportunity to File Form 3115
The relief from the requirement to file Form 3115 may not be the best choice for all small business taxpayers. Find out here whether to revisit this choice.
New Procedures for Obtaining IRS Consent for Voluntary Accounting Method Changes
Procedures for filing Form 3115, Application for Change in Accounting Method, for both automatic and nonautomatic method changes have been combined into one procedure, and the list of automatic method changes has been separated into its own procedure.
New Accounting Method Change Procedures Give More Time to File Form 3115
Taxpayers affected by the tangible property regulations will have more time to file Form 3115 under Rev. Proc. 2011-14 according to revised procedures issued by the IRS.
IRS Asks for Comments on Accounting Method Changes for Proposed Revenue Recognition Standards
The IRS asked for comments on what effect the new proposed financial accounting revenue recognition standards should have on taxpayers’ methods of accounting
IRS Modifies Rules for Filing Accounting Method Changes and Procedures for Taxpayers Under Examination
This item highlights the significant developments in rules for filing accounting method changes and procedures for taxpayers under examination.
Small Businesses Get Relief From Complying With the Tangible Property Regulations
Small business taxpayers will be allowed to make certain accounting method changes under the repair regulations without filing Form 3115 in their first tax year beginning on or after Jan. 1, 2014, the effective date of the regulations.
What Taxpayers Need to Know to Comply With the Final Tangible Property Regulations
An overview of the final tangible property regulations and discussion of the procedural guidance and what taxpayers will need to consider in complying with the final regulations.
New Procedures for Filing Accounting Method Changes Are Released
The IRS issued new procedures taxpayers should use to make accounting method changes.
Small Businesses Won’t Have to File Form 3115 to Comply with Repair Regs.
Small business taxpayers will be allowed to make certain accounting method changes under the tangible property (or “repair”) regulations without filing Form 3115, Application for Change in Accounting Method, the IRS announced.
Final Guidance Related to Tangible Property Regulations Provides Time-Limited Opportunities
IRS released guidance related to the tangible property regulations regarding depreciation and dispositions.
Sampling to Efficiently Implement the New Tangible Property Regulations: The Clock Is Ticking
New tangible property regulations apply to all current and certain prior-year tangible assets, creating compliance efforts and opportunities for immediate and long-term tax savings.
Income and Related Deductions for an Item Considered for an Accounting Method Change
A growing number of guidance items and recently issued Chief Counsel Advice suggest the IRS is continuing to move toward viewing gross income and related deductions jointly as one item in determining whether an accounting practice constitutes a method of accounting or an error.
Recent Guidance Raises Long-Standing Issue of What Is a Separate Trade or Business
Chief Counsel Advice takes a fresh look at whether divisions of a business are separate and distinct.
IRS Updates Accounting Method Change Procedures
The IRS issued new procedures taxpayers should use to make accounting method changes.
Changing Method of Accounting to Comply With New Retail-Inventory Method Regulations
The IRS provided the exclusive procedures taxpayers must use to obtain consent to change a method of accounting to comply with the recently issued final regulations on the retail-inventory method of accounting.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
