Tax Accounting (Methods & Periods)

Potential Expiration Is Not an Event

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.

FASAB Seeks Transparency on Tax Expenditures

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.

How Internet Domain Names Are Taxed

The IRS determined that the costs of acquiring domain names are to be capitalized as intangible assets and amortized over a 15-year period.

New Form 3115 Is Required, IRS Announces

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.

Newsletter Articles

SPONSORED REPORT

States look to unclaimed property for revenue

State audits of abandoned and unclaimed property (AUP) have exploded in recent years. This report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

DEDUCTIONS

Understanding the new Sec. 199A business income deduction

The new deduction allows certain business owners to keep pace with the significant corporate tax cut provided by the Tax Cuts and Jobs Act.