Tax Accounting

Topics

October 1, 2017

Accelerating deductions with payroll tax accruals

This item focuses on how payroll tax accruals might be deducted in 2017 rather than 2018 without additional costs for the employer and no adverse tax consequences for the employees.

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.

August 1, 2017

Market discount rules: In search of an escape route for distressed debt

Many times a taxpayer who has purchased distressed debt is unaware of the unfavorable results of the market discount rules.

July 1, 2017

Improvements to employee share-based payment accounting

A new rule eliminates the need for companies to continue to track their windfall pools.

July 1, 2017

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.

July 1, 2017

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.

July 1, 2017

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.

June 22, 2017

Guide to expensing roofing costs

This column provides tax preparers an outline of questions to ask clients when evaluating roof repair costs.

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.

June 1, 2017

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.

June 1, 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.

May 1, 2017

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.

April 20, 2017

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.

April 19, 2017

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.

April 1, 2017

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.

April 1, 2017

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.

April 1, 2017

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.

March 29, 2017

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.

March 24, 2017

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.

March 1, 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).