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.
Tax Accounting (Methods & Periods)
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.
A new safe harbor allows retail and restaurant taxpayers to deduct 75% of qualifying expenditures for remodeling qualified buildings and capitalize just 25%.
Determining whether an expense is deductible as related to the sale of inventory or capitalizable under Sec. 263A appears to be less favorable to taxpayers following two recent court decisions.
This item discusses best practices to consider when planning a tangible property regulations sample.
Companies should get a jump on analyzing the effects of implementing the standard and evaluating tax methods.
The IRS announced it will raise the deductible amount for purchases of tangible property by taxpayers without applicable financial statements to $2,500 per item.
The regulations were meant to address a perceived abuse of taxpayers claiming a foreign currency loss by partially legging out of an integrated transaction.