This item discusses how a taxpayer could have benefits of both the MACRS disposition regulations and tangible property regulations limited or lost entirely by failing to perform required compliance in a timely manner.
Tax Accounting (Methods & Periods)
Tax professionals should consider a number of worthwhile opportunities to reduce or avoid recapture tax that is realized upon sale of property.
The Tax Court held that the IRS had abused its discretion in reallocating income related to intercompany licenses for the intangible property to manufacture medical devices from a Puerto Rican company to its U.S. parent company.
FASB issued a proposal Tuesday that would modify disclosures about income taxes that organizations are required to report on their financial statements.
The IRS finalized regulations that implement new SEC rules that change how gains and losses in money market funds are calculated.
Unless otherwise provided, a taxpayer must secure the IRS’s consent before changing its accounting method.
A grocery store/gasoline retailer could take a deduction for discounts on gasoline purchases that the store’s customers had accrued but not yet taken at the end of the year.
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.
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.
Recently released tangible property regulations provide a potential opportunity to continue depreciating a building after demolition has occurred.
The IRS updated the procedures taxpayers must use to make automatic changes in accounting method.
The IRS determined that the costs of acquiring domain names are to be capitalized as intangible assets and amortized over a 15-year period.
Taxpayers have had significant questions regarding the safe harbor.
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.
Congress made a notable change to the definition of qualifying property for bonus depreciation purposes.
Taxpayers apparently have been under the impression that the tax treatment of computer software costs was changed.
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.
This column focuses on what the revenue procedure provides to taxpayers that was not previously available.
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.
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.