Methods

Highlights of the final small business taxpayer regulations

These simplifying provisions, which apply to small business taxpayers, expand the use of the overall cash method of accounting and grant exemptions from inventory methods under Sec. 471, UNICAP rules under Sec. 263A, and the use of the percentage-of-completion method for certain long-term construction contracts under Sec. 460.

Sec. 451 rules are finalized

The IRS issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the TCJA.

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.

Tax Insider 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.