Tax Accounting

Highlights of the final small business taxpayer regulations

These simplifying provisions, which apply to small business taxpayers, expand the use of the overall cash method of accounting and grant exemptions from inventory methods under Sec. 471, UNICAP rules under Sec. 263A, and the use of the percentage-of-completion method for certain long-term construction contracts under Sec. 460.

Sec. 451 rules are finalized

The IRS issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the TCJA.

Final regs. on bonus depreciation

Treasury and the IRS issued bonus depreciation final regulations that substantially modified the previous proposed regulations in four areas.

Improving cash flow with loss carrybacks

This article discusses two planning areas related to NOL carrybacks: The decision whether to carry a loss forward or back and planning strategies to increase the balance of the NOL carryback.

Tax Insider Articles

TECHNOLOGY

2020 tax software survey

COVID-19 upended tax season. Did CPAs’ tax software help them cope? Read the results of our annual tax software survey

TAX RELIEF

Quirks spurred by COVID-19 tax relief

This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.