Tax Accounting
Taxpayers dealing with tax basis step-up transactions involving related parties or rollover equity interests should consider the application of the anti-churning rules to avoid unforeseen results.
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.
This item discusses highlights of the Sec. 451(b) regulations, which address the timing of income recognition for accrual-method taxpayers with an applicable financial statement.
This guide provides tax preparers an outline of questions to ask clients when evaluating HVAC repair costs.
Taxpayers should consider all available facts and circumstances when determining the suitability and
permissibility of a Sec. 460 long-term contract method.
This article discusses self-charged interest requirements.
The IRS finalized regulations for simplified accounting rules for small businesses.
The IRS issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the TCJA.
Depending on the IPO structure, the company may need to provide tax accruals for additional reporting periods or updates to existing financial statement disclosures.
Compared to pre-TCJA rules, there is no material change in the tax treatment of a building involved in a like-kind exchange, where a cost segregation study has been performed.
The IRS issued final bonus depreciation regulations and withdrew proposed regulations.
Treasury and the IRS issued bonus depreciation final regulations that substantially modified the previous proposed regulations in four areas.
Statistical sampling and estimation can be an efficient solution to determine the amount of basis that can now be assigned a 15-year recovery period and to claim bonus depreciation.
The TCJA expanded the number of taxpayers
eligible to use the cash method under Sec. 448, expanded the exception from the uniform capitalization rules under Sec. 263A, and more.
The IRS issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the law known as the Tax Cuts and Jobs Act.
A personal service corporation must generally use a calendar year, but it can choose a fiscal year in certain circumstances.
The IRS finalized regulations for simplified accounting rules for small businesses, which are defined as businesses with inflation adjusted average annual gross receipts of $25 million ($26 million for 2020 and 2021).
Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
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.
The IRS issued final bonus depreciation regulations and withdrew proposed regulations.
