Procedures for obtaining automatic accounting method changes are revised
The IRS provided updated rules for the various accounting method changes that qualify for automatic consent from the IRS.
Accounting methods
Tax reform: Accounting method opportunities
Accounting method planning that accelerates deductions or defers revenue could provide corporations with the potential to take deductions at the current rate and recognize revenue at a proposed lower rate.
Guidance proposes accounting method changes for FASB revenue recognition
The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB’s new revenue recognition standards.
IRS extends waiver to ease transition to file certain tangible property regs. method changes
IRS extended specific eligibility rule waivers by a year for taxpayers filing an automatic consent change in accounting method to comply with the tangible property regulations.
Automatic accounting method change procedures updated
The IRS provided updated rules for the various accounting method changes that qualify for automatic consent from the IRS.
Considering cash: Advantages and availability of the cash method of accounting
When not required to use the accrual method, taxpayers should consider the benefits provided under the cash method.
Giant Eagle and economic performance under Sec. 461(h)
This item explores the approach taken by the Third Circuit in determining whether a retailer qualified for the recurring-item exception.
Interplay between Sec. 174 and Sec. 41 for software development activities
Taxpayers should note the interplay between tax accounting methods and tax credit eligibility when choosing to adopt or change their method specific to software development activities.
Rules proposed for accounting method changes to reflect FASB revenue recognition standards
The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB’s new revenue recognition standards.
Change to Accrual Accounting Will Not Delay Taxes on Certain Deferred Compensation Beyond 2017
The IRS clarified that a taxpayer may not delay the income inclusion of the grandfathered deferred compensation amounts beyond 2017 by requesting a change in method of accounting.
Ninth Circuit Upholds Homebuilder’s Use of Completed-Contract Method
A homebuilder could apply the percentage-of-completion method for income deferred under the completed-contract accounting method, based on completion of the development rather than on the sale of individual homes.
Eligibility Rule Waiver Extended for Taxpayers Adopting Repair Regs.
The IRS extended for one year its waiver of the eligibility rule that generally prevents taxpayers from using the automatic accounting method change procedures to change the treatment of the same item more than once within a five-year period.
Common Income Tax Accounting Pitfalls
This article highlights a few ASC Topic 740, Income Taxes, tax matters companies have missed or overlooked in tax provisions.
Avoiding Conversion to the Accrual Accounting Method by Electing S Status
A corporation may have to use the accrual method if it is required to maintain inventory records.
Unexpected Change of Accounting Method
In some situations, an accounting method must be changed by operation of law.
IRS Issues Rules for Money Market Fund Accounting Methods
The IRS finalized regulations that implement new SEC rules that change how gains and losses in money market funds are calculated.
IRS Updates Automatic Accounting Change Procedures
Unless otherwise provided, a taxpayer must secure the IRS’s consent before changing its accounting method.
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.
Evolving Revenue Recognition Issues: Manufacturers
Any part of the five-step model may cause a significant departure from the current financial reporting practices of many manufacturers and may also have significant income tax implications.
New Revenue Procedure Updates List of Automatic Accounting Method Changes
The IRS updated the procedures taxpayers must use to make automatic changes in accounting method.
