A new rule eliminates the need for companies to continue to track their windfall pools.
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Topics
Tax Accounting
Tax reform: Accounting method opportunities
Accounting method planning that accelerates deductions or defers revenue could provide corporations with the potential to take deductions at the current rate and recognize revenue at a proposed lower rate.
Procedures for obtaining automatic accounting method changes are revised
The IRS provided updated rules for the various accounting method changes that qualify for automatic consent from the IRS.
Rules govern Sec. 179 and depreciation changes in PATH Act
The IRS issued guidance on how taxpayers can take advantage of various provisions enacted by the PATH Act.
Guide to expensing roofing costs
This column provides tax preparers an outline of questions to ask clients when evaluating roof repair costs.
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.
Car and truck inflation adjustments for business use in 2017 are released
The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.
Guidance proposes accounting method changes for FASB revenue recognition
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.
IRS extends waiver to ease transition to file certain tangible property regs. method changes
IRS extended specific eligibility rule waivers by a year for taxpayers filing an automatic consent change in accounting method to comply with the tangible property regulations.
Guidance issued on PATH Act depreciation, Sec. 179 changes
The IRS issued guidance on how taxpayers can take advantage of various provisions enacted by last year’s PATH Act.
Automatic accounting method change procedures updated
The IRS provided updated rules for the various accounting method changes that qualify for automatic consent from the IRS.
Interplay between Sec. 174 and Sec. 41 for software development activities
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.
Giant Eagle and economic performance under Sec. 461(h)
This item explores the approach taken by the Third Circuit in determining whether a retailer qualified for the recurring-item exception.
Considering cash: Advantages and availability of the cash method of accounting
When not required to use the accrual method, taxpayers should consider the benefits provided under the cash method.
Rules proposed for accounting method changes to reflect FASB revenue recognition standards
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.
IRS issues 2017 car and truck depreciation limits
The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.
Bonus Depreciation: The PATH Act and Beyond
In addition to extending bonus depreciation and phasing out the bonus rate, the PATH Act made several changes to the types of eligible property
under Sec. 168(k)(2).
New Audit Techniques Guide for Capitalization of Tangible Property
The IRS’s LB&I division released its latest Audit Techniques Guide.
IRS Amends Form Instructions for AMT Depreciation Changes
The IRS announced that it has updated various 2016 form instructions to reflect changes to AMT adjustments made by the PATH Act.
Ninth Circuit Upholds Homebuilder’s Use of Completed-Contract Method
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.
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.
