Tax Accounting

Topics

June 3, 2016

FASAB Seeks Transparency on Tax Expenditures

The Federal Accounting Standards Advisory Board proposed a standard with the intention of providing the public more information about the U.S. government’s tax expenditures.

June 1, 2016

Evolving Revenue Recognition Issues: Manufacturers

Any part of the five-step model may cause a significant departure from the current financial reporting practices of many manufacturers and may also have significant income tax implications.

May 19, 2016

Deduct Your Demolished Building Using a General Asset Account

Recently released tangible property regulations provide a potential opportunity to continue depreciating a building after demolition has occurred.

May 5, 2016

New Revenue Procedure Updates List of Automatic Accounting Method Changes

The IRS updated the procedures taxpayers must use to make automatic changes in accounting method.

May 5, 2016

How Internet Domain Names Are Taxed

The IRS determined that the costs of acquiring domain names are to be capitalized as intangible assets and amortized over a 15-year period.

May 1, 2016

Retailer and Restaurant Remodel-Refresh Safe Harbor: Frequently Asked Questions

Taxpayers have had significant questions regarding the safe harbor.

May 1, 2016

IRS Affirms Deductibility of Some—but Not All—Computer Software Development and Implementation Costs

Not all computer software development and implementation costs are deductible when paid or incurred and certain software-related costs
must be capitalized and recovered through amortization for federal income tax purposes.

May 1, 2016

Bonus Depreciation After the PATH Act

Congress made a notable change to the definition of qualifying property for bonus depreciation purposes.

April 7, 2016

IRS Weighs In on the Tax Treatment of Computer Costs

Taxpayers apparently have been under the impression that the tax treatment of computer software costs was changed.

April 1, 2016

IRS Issues 2016 and Revised 2015 Vehicle Depreciation Limits

The IRS issued guidance providing the depreciation limits for automobiles for 2016 and revised limits for 2015 reflecting the retroactive increase in the amount of bonus depreciation permitted under recent legislation.

April 1, 2016

Understanding the Safe Harbor for Ratable Service Contracts

This column focuses on what the revenue procedure provides to taxpayers that was not previously available.

March 24, 2016

New Form 3115 Is Required, IRS Announces

The IRS alerted the public that a new Form 3115, Application for Change in Accounting Method, has been issued with a revision date of December 2015, the first revision since 2009.

February 1, 2016

Qualifying Stores and Restaurants Can Deduct Majority of Remodeling Costs

The IRS is permitting some taxpayers to use a
safe-harbor method of accounting for determining whether expenditures paid or
incurred to remodel are deductible or must be capitalized.

February 1, 2016

Updating the Fixed-Asset Listing With Estimates After Sampling

This item discusses best practices to consider when planning a tangible property regulations sample.

February 1, 2016

What Does the New Revenue Recognition Standard Mean for Tax?

Companies should get a jump on analyzing the effects of implementing the standard and evaluating tax methods.

February 1, 2016

IRS Announces Higher De Minimis Safe Harbor for Tangible Property Expensing

The IRS announced it will raise the deductible amount for purchases of tangible property by taxpayers without applicable financial statements to $2,500 per item.

February 1, 2016

New Retail and Restaurant Remodel/Refresh Safe Harbor for Determining Repairs

A new safe harbor allows retail and
restaurant taxpayers to deduct 75% of qualifying expenditures for remodeling qualified buildings and capitalize just 25%.

February 1, 2016

Sales-Related Expenses Remove Taxpayers From “Small Reseller” Exception of Sec. 263A

Determining whether an expense is deductible
as related to the sale of inventory or capitalizable under Sec. 263A appears to be less favorable to taxpayers following two recent court decisions.

January 1, 2016

IRS Issues Final Regulations on Integrated Hedging Transactions of Qualifying Debt

The regulations were meant to address a perceived abuse of taxpayers claiming a foreign currency loss by partially legging out of an integrated transaction.

January 1, 2016