Tax Accounting
Final regulations clarify the treatment of qualified improvement property in FDII and GILTI, and foreign tax credit transition rules address post-2017 NOL carrybacks to pre-2018 tax years.
The CARES Act corrected an error that had made qualified improvement property ineligible for bonus depreciation; IRS regulations and guidance explain how to take advantage of the change.
Global supply chain problems caused by the COVID-19 pandemic have made it difficult for US companies to replace inventories, potentially subjecting them to additional taxable income. The AICPA has requested relief under Sec. 473.
The IRS updated the list of accounting method changes to which automatic change procedures apply.
The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021.
This item explores commercial property holders’ use of Sec. 467, which governs the timing of rental income and expense in certain circumstances.
Sec. 451(c) should be considered when structuring such M&A transactions — including special rules
relating to short tax years of 92 days or less.
This item provides examples of accounting method changes or elections that may decrease taxable income.
In certain circumstances, taxpayers may benefit from increasing taxable income; accounting method planning can help taxpayers achieve that objective.
Reporting gain in the year of a sale rather than with installments over time may become more attractive as proposals for higher capital gains tax rates gain traction. This article weighs the pros and cons.
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 issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the TCJA.
The IRS finalized regulations for simplified accounting rules for small businesses.
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.
