Taxpayers must carefully examine their revenue line items to ensure that financial accounting changes or new tax laws have not exposed them to compliance risk.
Tax Accounting (Methods & Periods)
For the 2019 tax year, taxpayers and their accountants should seriously consider revisiting repairs and maintenance when planning strategies for increased deductions.
This article will help practitioners understand how to maximize accelerated deductions by examining Sec. 1031 exchange rules and how they are affected by cost segregation studies.
When a tax department finds itself making burdensome determinations on a list of records, it may be time to consider a sampling approach.
New Sec. 451(b) may require accrual-method taxpayers with applicable financial statements to accelerate the recognition of gross income in certain situations.
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).
This annual update allows taxpayers and practitioners to see what new automatic changes and favorable terms and conditions the IRS provides.
The IRS released updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.
The regulations include rules for self-constructed property, the determination of acquisition dates, predecessor ownership, certain partnership rules, and some industry-specific guidance.
FASB ASC Subtopic 740-10 requires that each tax position meet a more-likely-than-not test and that the tax benefits be correspondingly reduced if the result is not certain; it is important to understand the administrative issues and problems created by this requirement.
To facilitate the transition away from IBORs and minimize the resulting market disruption, the IRS issued the proposed regulations with an aim of reducing associated tax uncertainty and taxpayer burden.
FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.
This article discusses the tax shelter exclusion and how certain farm and nonfarm businesses will be considered tax shelters because they qualify as “syndicates.”
The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.
The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.
The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS on when to include the advance payments in income.
To determine the IRS’s likely treatment, an analysis is necessary of two Code sections that address energy credits: Sec. 25D and Sec. 48.
Although small taxpayer testing may be time-consuming, the tax and time benefits of a small taxpayer classification may be critical to certain taxpayers.
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.