Treasury and the IRS released final regulations T.D. 9843 under the uniform capitalization rules that deal with negative additional Sec. 263A costs.
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Tax Accounting
Proposed bonus depreciation regs. provide answers, create new questions
The proposed regulations clarify the elections available to all taxpayers regarding bonus depreciation.
Final regulations amend the uniform capitalization rules
The IRS issued final regulations on the use of negative adjustments under Sec. 263A’s simplified methods for determining costs that must be capitalized.
Modification of variable prepaid forward contracts triggers gain realization
A Second Circuit decision may affect the analysis
of whether the modification of a derivative triggers gain or loss.
IRS confirms that Sec. 451(b) does not accelerate inclusion of market discount income
The IRS announced that it intends to issue proposed regulations confirming that taxpayers may continue to defer including market discount income in income for tax purposes until there is a payment or sale at a gain.
IRS proposes to remove rules on advance payments and long-term contracts
The IRS is proposing to remove regulations on advance payments and long-term contracts to reflect amendments to Sec. 451 included in the law known as the Tax Cuts and Jobs Act.
Converting from an S corp. to a C corp.
This item discusses the many tax ramifications of converting.
Changing from cash to accrual accounting after revoking an S election under TCJA
A terminated S corporation may remain a cash-basis taxpayer if its average gross receipts for the three previous tax periods are less than $25 million.
Updates to automatic accounting method change procedures for small businesses
TCJA changes increase the pool of taxpayers qualifying for favorable small business accounting method reform.
Accounting method change procedures for book-tax conformity rule
The IRS announced procedures for taxpayers to change their accounting method to comply with the amendment of Sec. 451(b) enacted by the tax law known as the Tax Cuts and Jobs Act.
UNICAP rules on negative adjustments finalized
The IRS issued final regulations on the use of negative adjustments under Sec. 263A’s simplified methods for determining costs that must be capitalized.
Solar panels: Basis and bonus depreciation
The allowance of depreciation and the energy credit
both depend on a taxpayer’s having basis in the property.
Proposed regs. reflect amendments to all-events test and advance payments
The IRS is proposing to remove regulations on advance payments and long-term contracts to reflect amendments to Sec. 451 included in the law known as the Tax Cuts and Jobs Act.
100% bonus depreciation rules are proposed
The IRS issued proposed regulations providing guidance on Sec. 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act, to increase the allowable first-year depreciation deduction for qualified property from 50% to 100%.
IRS issues procedures for implementing accounting method changes related to ASC Topic 606
This discussion highlights some of the provisions
and potential implications of the new automatic method change procedures.
IRS issues proposed regs. on 100% bonus depreciation
The IRS issued proposed regulations providing guidance on the new tax law’s amendments to Sec. 168(k), which increased bonus depreciation for qualifying property from 50% to 100%, generally effective for property acquired and placed in service after Sept. 27, 2017.
Inventory accounting for cannabis businesses: Sec. 280E and the impact of tax reform
Practitioners are more likely now than ever to be asked to consult with clients that may either be
considering or are currently involved, directly or indirectly, in a state-legal cannabis business.
Accounting method change procedures are revised
The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.
Can a trade or business include activities conducted in a different entity?
This discussion focuses on whether a taxpayer’s trade or business can include activities conducted
through a different entity.
Accounting method planning for 2017 can result in permanent tax benefits
A corporate tax rate change provides an opportunity for taxpayers to make favorable accounting method changes for the 2017 tax year to create permanent
tax benefits.
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.
