FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.
Tax Accounting (Methods & Periods)
The IRS ruled that the inducement payments were otherwise deductible under Sec. 162 and were not capitalizable under Sec. 263(a).
FASB proposed a new standard that is intended to help organizations reclassify certain income effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.
FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act.
Companies may initially have difficulty determining the effects of the new federal tax law on their income tax reporting.
A taxpayer’s long-term construction contracts requiring grading and soil compaction qualify for the completed-contract method of accounting.
This item focuses on how payroll tax accruals might be deducted in 2017 rather than 2018 without additional costs for the employer and no adverse tax consequences for the employees.
IRS proposed procedures that may be used to request consent to change a method of accounting for recognizing income related to the new standards.
This item explains how a change in accounting method can result in an extended statute of limitation.
Partnerships must reevaluate their current fiscal year when a partner dies, since the estate may have a different year end than the individual partner.
Many times a taxpayer who has purchased distressed debt is unaware of the unfavorable results of the market discount rules.
A new rule eliminates the need for companies to continue to track their windfall pools.
The IRS issued guidance on how taxpayers can take advantage of various provisions enacted by the PATH Act.
The IRS provided updated rules for the various accounting method changes that qualify for automatic consent from the IRS.
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.
This column provides tax preparers an outline of questions to ask clients when evaluating roof repair costs.
This item highlights the accounting period rules and the guidance for changing an accounting period for the most common types of entities.
The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.
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 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.