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.
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Tax Accounting
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.
The intersection of new Sec. 451 and revenue recognition
The amendments to Sec. 451 potentially affect a broader cross section of taxpayers than almost any other change made by the TCJA.
AICPA issues TQA on accounting for payments under the centralized partnership audit regime
The technical question and answer helps financial statement preparers account for the amount a partnership pays the IRS for previous underpayments of tax, interest, and penalties.
IRS updates automatic accounting method change procedures
The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.
IRS finds future costs of fuel rewards are subtracted from gross receipts when earned
An accrual-method taxpayer could reduce gross receipts by the estimated future cost of fuel reward redemptions in the tax year that the customer earns those rewards.
Which taxpayers are potentially subject to the new ‘BEAT’?
Imposition of a base-erosion and anti-avoidance tax adds fresh complexity to the calculation of transfer-pricing tax and accounting results.
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.
