Methods

ASC Topic 842 changes financial, but not tax, accounting for leases

Topic 842 does not affect how leases are treated for federal income tax purposes. Thus, differences in the treatment of leases for financial accounting and income tax accounting remain, and implementing Topic 842 may highlight improper historical tax accounting methods.

Advance payments for goods and services

Treasury and the IRS released Prop. Regs. Sec. 1.451-8, which provides rules for the deferral of advance payments for goods, services, and certain other items under Sec. 451(c).

Newsletter Articles

TECHNOLOGY

2020 tax software survey

COVID-19 upended tax season. Did CPAs’ tax software help them cope? Read the results of our annual tax software survey

TAX RELIEF

Quirks spurred by COVID-19 tax relief

This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.