Tax Accounting (Methods & Periods)
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 article discusses the treatment of unearned revenue from a financial accounting and tax point of view and how unearned revenue can affect the seller and the buyer in an M&A transaction.
This item discusses certain TCJA changes to domestic provisions relevant to tax accounting.
The TCJA revised Sec. 451(c), changing the timing of taxation for certain advance payments, including advance payments for future mineral production
and delivery.
The IRS provided the limitations on depreciation deductions for passenger automobiles first placed in service in 2019 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2019.
FASB issued a proposal that is intended to make accounting for income taxes less costly and complex.
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 proposed regulations clarify the elections available to all taxpayers regarding bonus depreciation.
The IRS announced that it intends to issue proposed regulations confirming that taxpayers may continue to defer including market discount income in income for tax purposes until there is a payment or sale at a gain.
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 Second Circuit decision may affect the analysis
of whether the modification of a derivative triggers gain or loss.
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.
This item discusses the many tax ramifications of converting.
