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Topics
Tax Accounting
Final rules for simplified accounting methods allow tax shelter annual election
The IRS finalized regulations for simplified accounting rules for small businesses.
Final Sec. 1031 regulations do not materially affect cost segregation studies
Compared to pre-TCJA rules, there is no material change in the tax treatment of a building involved in a like-kind exchange, where a cost segregation study has been performed.
IRS permits choice of bonus depreciation rules
The IRS issued final bonus depreciation regulations and withdrew proposed regulations.
Final regs. on bonus depreciation
Treasury and the IRS issued bonus depreciation final regulations that substantially modified the previous proposed regulations in four areas.
Small business exemption regs. provide surprises for large taxpayers
The TCJA expanded the number of taxpayers
eligible to use the cash method under Sec. 448, expanded the exception from the uniform capitalization rules under Sec. 263A, and more.
Using sampling to efficiently claim bonus depreciation for QIP
Statistical sampling and estimation can be an efficient solution to determine the amount of basis that can now be assigned a 15-year recovery period and to claim bonus depreciation.
Final rules govern income inclusion and advance payments
The IRS issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the law known as the Tax Cuts and Jobs Act.
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.
Simplified accounting rules for small businesses allow annual election
The IRS finalized regulations for simplified accounting rules for small businesses, which are defined as businesses with inflation adjusted average annual gross receipts of $25 million ($26 million for 2020 and 2021).
Several tax provisions set to expire at end of 2020
Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
Improving cash flow with loss carrybacks
This article discusses two planning areas related to NOL carrybacks: The decision whether to carry a
loss forward or back and planning strategies to increase the balance of the NOL carryback.
More final rules on bonus depreciation are issued
The IRS issued final bonus depreciation regulations and withdrew proposed regulations.
IRS doubles down on nondeductibility of PPP-funded expenses
The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.
Taxpayers allowed choice of bonus depreciation rules
The IRS issued rules for taxpayers to follow in applying recently issued bonus depreciation regulations, including how to make several elections.
Prop. regs. define real property for Sec. 1031 like-kind exchanges
How should components of real property segregated and depreciated as personal property be treated in a like-kind exchange? Newly issued proposed regulations help answer this question by
providing a definition of real property.
Small business taxpayers get simplified accounting rules
The IRS issued regulations on the simplified accounting method rules for small business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.
Navigating the tax accounting impacts of the CARES Act
This discussion highlights some key issues under Topic 740 that may arise in both interim and annual financial statements.
Small business accounting regulations and tax shelter implications
New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.
IRS issues more bonus depreciation rules
The IRS issued final bonus depreciation regulations and withdrew proposed regulations.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
