Accounting methods
This item discusses the limitation on audit protection that arises as a result of Sec. 965, enacted as part of the TCJA, which imposes a one-time “transition” tax on unrepatriated E&P of certain FCs.
This item discusses certain TCJA changes to domestic provisions relevant to tax accounting.
The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.
This discussion reviews the mechanics of the gross receipts test, highlights several potential traps for the unwary, and raises several common but still
unanswered questions.
Updated procedures provide a streamlined way to
comply with Sec. 451(b), which does not involve filing Form 3115 or attaching a separate statement to the tax return.
The IRS announced procedures for taxpayers to change their accounting method to comply with the amendment of Sec. 451(b) enacted by the tax law known as the Tax Cuts and Jobs Act.
The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.
The IRS issued final regulations on the use of negative adjustments under Sec. 263A’s simplified methods for determining costs that must be capitalized.
Treasury and the IRS released final regulations T.D. 9843 under the uniform capitalization rules that deal with negative additional Sec. 263A costs.
The IRS is proposing to remove regulations on advance payments and long-term contracts to reflect amendments to Sec. 451 included in the law known as the Tax Cuts and Jobs Act.
A terminated S corporation may remain a cash-basis taxpayer if its average gross receipts for the three previous tax periods are less than $25 million.
TCJA changes increase the pool of taxpayers qualifying for favorable small business accounting method reform.
The IRS announced procedures for taxpayers to change their accounting method to comply with the amendment of Sec. 451(b) enacted by the tax law known as the Tax Cuts and Jobs Act.
The IRS issued final regulations on the use of negative adjustments under Sec. 263A’s simplified methods for determining costs that must be capitalized.
The IRS is proposing to remove regulations on advance payments and long-term contracts to reflect amendments to Sec. 451 included in the law known as the Tax Cuts and Jobs Act.
This discussion highlights some of the provisions
and potential implications of the new automatic method change procedures.
A corporate tax rate change provides an opportunity for taxpayers to make favorable accounting method changes for the 2017 tax year to create permanent
tax benefits.
The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.
This discussion focuses on whether a taxpayer’s trade or business can include activities conducted
through a different entity.
The amendments to Sec. 451 potentially affect a broader cross section of taxpayers than almost any other change made by the TCJA.
