Period Selection

Topics

July 1, 2022

Sec. 451 regulations offer ways to reduce revenue acceleration

This item summarizes the TCJA’s changes to Sec. 451 and discusses the opportunities the December 2020 final regulations may provide to reduce income acceleration.

January 1, 2021

Choosing a tax year for a personal service corporation

A personal service corporation must generally use a calendar year, but it can choose a fiscal year in certain circumstances.

April 1, 2020

Opportunities and pitfalls with automatic method changes for revenue recognition

Taxpayers must carefully examine their revenue line items to ensure that financial accounting changes
or new tax laws have not exposed them to compliance risk.

June 1, 2019

Future mineral production advance payments may be sooner than you think

The TCJA revised Sec. 451(c), changing the timing of taxation for certain advance payments, including advance payments for future mineral production
and delivery.

September 1, 2017

How the death of a partner could affect a partnership’s year end

Partnerships must reevaluate their current fiscal year when a partner dies, since the estate may have a different year end than the individual partner.

June 1, 2017

Accounting period planning may provide preferred year

This item highlights the accounting period rules and the guidance for changing an accounting period for the most common types of entities.

December 8, 2016

Common Income Tax Accounting Pitfalls

This article highlights a few ASC Topic 740, Income Taxes, tax matters companies have missed or overlooked in tax provisions.

February 1, 2015

Changing an LLC’s Tax Year

An LLC’s required year can change for several reasons. A change in the LLC’s required year is treated as automatically approved by the IRS.

February 1, 2014

Bonus Deduction Timing: Finding the Correct Tax Year

This item focuses on an employer’s ability to deduct bonuses in the tax year they are earned rather than the tax year in which they are paid to the employee.

February 1, 2012

Determining the LLC’s Required Year

An LLC taxed as a C corporation can choose any year end as the tax year end; if an LLC is classified as a partnership for federal income tax purposes, however, its tax year is governed by Sec. 706(b).

July 1, 2011

One Reorganization, Two Tax Years, One Practical Solution

This item considers what is the proper time to report the transaction if a reorganization spans different tax years.

May 1, 2010

Deducting Deficiency Interest Expense in the Proper Tax Year

Deficiency interest is often overlooked after the audit cycle closes. Taxpayers can effectively plan the timing of deducting deficiency interest simply by being aware of when proposed audit adjustments are agreed upon.

April 1, 2009

S Corporation Tax Year Rules

The use of a fiscal year defers reporting of the S corporation’s passthrough income to the shareholders and facilitates year-end tax planning.

September 1, 2008

Benefiting from a Fiscal Tax Year

The use of a 52-53-week year can provide significant tax planning opportunities for a C corporation and its shareholders.

January 1, 2008

Accounting Period Changes Affecting CFCs and Corporations Exiting a Consolidated Group

The IRS has modified the scope provision for corporations that exit a consolidated group and request consent to change their annual accounting periods.