A new safe harbor allows retail and restaurant taxpayers to deduct 75% of qualifying expenditures for remodeling qualified buildings and capitalize just 25%.
Tax Accounting (Methods & Periods)
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.
This article looks at the timing and characterization rules that apply to payments under a notional principal contract.
Practitioners must carefully consider several tests under Sec. 461 to determine the deductibility of accrued warranty expense for tax purposes.
The partial asset disposition election might be one of the most beneficial tools for many clients in year-end tax planning.
Final regulations affect all for-profit taxpayers that have expenditures that are classified as either materials and supplies, repairs and maintenance, asset acquisitions, production of assets, or improvements of tangible assets.
The IRS announced that is raising the current de minimis limit for deducting expenses for purchases of items of tangible property from $500 to $2,500 for taxpayers without applicable financial statements.
The IRS announced a safe-harbor method that allows qualifying taxpayers to deduct 75% of these expenses.
Taxpayers using the accrual-basis method of accounting were given a safeharbor to treat economic performance as occurring on a ratable basis for certain service contracts.
Small business taxpayers should be aware of the implications of adopting the regulations through the small business exception.
There is an overlap between Sec. 179 expensing and the materials and supplies and de minimis safe-harbor rules in the repair regulations.
The IRS asked for comments on what effect the new proposed financial accounting revenue recognition standards issued by FASB and the International Accounting Standards Board should have on taxpayers’ methods of accounting.
Qualifying accrual-basis taxpayers will be allowed to treat economic performance of certain service contracts as occurring on a ratable basis under a safe harbor introduced by the IRS.
The IRS has posted a draft revised version of Form 3115, Application for Change in Accounting Method, on its website.
The IRS issued temporary and proposed regulations under Secs. 446 and 956 amending how nonperiodic payments made or received under certain notional principal contracts are treated.
The relief from the requirement to file Form 3115 may not be the best choice for all small business taxpayers. Find out here whether to revisit this choice.