Tax Accounting (Methods & Periods)
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.
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 final regulations on the use of negative adjustments under Sec. 263A’s simplified methods for determining costs that must be capitalized.
The allowance of depreciation and the energy credit
both depend on a taxpayer’s having basis in the property.
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.
The IRS issued proposed regulations providing guidance on Sec. 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act, to increase the allowable first-year depreciation deduction for qualified property from 50% to 100%.
This discussion highlights some of the provisions
and potential implications of the new automatic method change procedures.
The IRS issued proposed regulations providing guidance on the new tax law’s amendments to Sec. 168(k), which increased bonus depreciation for qualifying property from 50% to 100%, generally effective for property acquired and placed in service after Sept. 27, 2017.
Practitioners are more likely now than ever to be asked to consult with clients that may either be
considering or are currently involved, directly or indirectly, in a state-legal cannabis business.
A corporate tax rate change provides an opportunity for taxpayers to make favorable accounting method changes for the 2017 tax year to create permanent
tax benefits.
The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.
This discussion focuses on whether a taxpayer’s trade or business can include activities conducted
through a different entity.
The technical question and answer helps financial statement preparers account for the amount a partnership pays the IRS for previous underpayments of tax, interest, and penalties.
The amendments to Sec. 451 potentially affect a broader cross section of taxpayers than almost any other change made by the TCJA.
The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.
