The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.
Tax Accounting (Methods & Periods)
An accrual-method taxpayer could reduce gross receipts by the estimated future cost of fuel reward redemptions in the tax year that the customer earns those rewards.
Numerous rules and restrictions govern the timing of deductibility of bonuses accrued in one year and paid in another.
Imposition of a base-erosion and anti-avoidance tax adds fresh complexity to the calculation of transfer-pricing tax and accounting results.
The IRS has issued initial guidance on the new rules governing the deductibility of business interest in Sec. 163(j), as amended by the Tax Cuts and Jobs Act of 2017.
A new technical question and answer from the AICPA provides nonauthoritative guidance to help financial statement preparers account for the amount a partnership pays the IRS under these circumstances.
SEC allows companies to use reasonable estimates of their tax liability post-tax reform.
FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.
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.