Accounting 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).

IRS issues safe-harbor procedure for vehicle bonus depreciation

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.

Bonus depreciation safe-harbor rules for vehicles issued

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.

Newsletter Articles

50th ANNIVERSARY

50 years of The Tax Adviser

The January 2020 issue marks the 50th anniversary of The Tax Adviser, which was first published in January 1970. Over the coming year, we will be looking back at early issues of the magazine, highlighting interesting tidbits.

PRACTICE MANAGEMENT

2019 tax software survey

This annual survey shows how CPAs rate the tax preparation software they used during last tax season and how it handled the recent tax law changes.