The Tax Court held that the taxpayers could not report the portion of a sale of a partnership interest that was attributable to unrealized receivables using the installment method.
Advertisement
Topics
Tax Accounting
Rules for Deferral of Income From Gift Card Sales Clarified
The IRS issued guidance clarifying that taxpayers that sell gift cards can defer recognizing income from the sale of gift cards redeemable by an unrelated third party until the year after the payment is received.
Understanding the Principles of DASTM Accounting
The DASTM rules govern the tax accounting of items from a qualified business unit that uses a functional currency that becomes “hyperinflationary” for U.S. federal income tax purposes.
Timing of Revenue Recognition for Retainages
A retainage in a contract may cause uncertainty as to the timing of including payments in income for a contractor that receives some payments in one year and the retainage in a later year.
LIFO Inventory Considerations When Making a C-to-S Conversion
A taxpayer valuing its inventory under the last-in, first-out (LIFO) method should consider two significant implications for taxable income when converting from a C corporation to an S corporation.
Tax Accounting Methods for Small Businesses
There are several simplifying conventions and accounting methods tailored to smaller business entities that can sometimes result in tax savings and streamline the tax return preparation process and recordkeeping requirements.
Collateral Issues to Consider in Repair Regs. Accounting Method Changes
Accounting method changes adopted under the repair regulations will, in certain cases, affect the computation of other deductions or credits allowed under the Internal Revenue Code.
IRS Clarifies Definition of On-Site Sales Under Sec. 263A
For purposes of the UNICAP costing rules under Sec. 263A, a sale is considered “on-site” only when the retail customer is physically present at the sales facility at some point during the sales transaction.
Fixed-Asset Implications Under the American Taxpayer Relief Act of 2012
The American Taxpayer Relief Act of 2012 contains many provisions that are favorable to businesses, particularly in the fixed-asset area.
Now and Later: GAAP vs. Tax Treatment of the Reinstated R&D Credit
The late reinstatement of the R&D credit has a key effect on the U.S. GAAP treatment of the credit on businesses’ 2012 financial statements.
Additional Time for Filing Automatic Accounting Method Changes
While taxpayers generally must obtain the IRS’s consent to change an accounting method for federal income tax purposes, the IRS grants automatic consent for certain accounting method changes, provided the taxpayer complies with certain procedures.
Accounting Method Changes Under the Tangible Property Regulations
This article details the method change rules under the current automatic consent procedural guidance and discusses the method changes that would be necessary to early adopt provisions of the temporary regulations.
Key Aspects of the New Tangible Property Regulations
Temporary regulations on expenditures to acquire, improve, and maintain tangible property significantly modify previous guidance and earlier proposed regulations.
Tangible Property Regs. Amended to Implement Delayed Effective Date
The IRS released technical amendments that delay the effective date of the temporary regulations it issued in December 2011 governing whether tangible property expenses could be deducted or had to be capitalized.
Effective Date of Tangible Property Regs. Delayed
The IRS announced it is delaying the effective date of the temporary regulations it issued in Dec. 2011 governing whether tangible property expenses could be deducted or had to be capitalized.
IRS to Allow Automatic Accounting Method Changes in Corporate Reorganizations
The IRS announced a change in its policy on automatic accounting method changes in corporate reorganizations.
Depreciation and Changes in Use of Real Property
This item discusses the distinction between residential and nonresidential property, depreciation, and the application of the change-in-use regulations if a rental property changes from residential use to nonresidential or vice versa.
Automatic Accounting Method Changes to Be Allowed in Corporate Reorganizations
The IRS announced a change in its policy on automatic accounting method changes in corporate reorganizations.
Proposed Regs. Issued on Allocating Sec. 263A Costs Under Simplified Methods
The IRS issued proposed regulations that affect taxpayers who produce or resell property and allocate costs under the simplified production method or simplified resale method.
Temporary Regulations Create New Applications for Cost-Segregation Studies
Owners of real estate should consider the implications of the new regulations regarding tangible property and repair costs when engaging firms to perform cost-segregation studies.
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.
