Solar panels: Basis and bonus depreciation
The allowance of depreciation and the energy credit both depend on a taxpayer’s having basis in the property.
Tax Accounting (Methods & Periods)
Proposed regs. reflect amendments to all-events test and advance payments
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.
100% bonus depreciation rules are proposed
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%.
IRS issues procedures for implementing accounting method changes related to ASC Topic 606
This discussion highlights some of the provisions and potential implications of the new automatic method change procedures.
IRS issues proposed regs. on 100% bonus depreciation
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.
Inventory accounting for cannabis businesses: Sec. 280E and the impact of tax reform
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.
Accounting method change procedures are revised
The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.
Can a trade or business include activities conducted in a different entity?
This discussion focuses on whether a taxpayer’s trade or business can include activities conducted through a different entity.
Accounting method planning for 2017 can result in permanent tax benefits
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.
AICPA issues TQA on accounting for payments under the centralized partnership audit regime
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 intersection of new Sec. 451 and revenue recognition
The amendments to Sec. 451 potentially affect a broader cross section of taxpayers than almost any other change made by the TCJA.
IRS updates automatic accounting method change procedures
The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.
IRS finds future costs of fuel rewards are subtracted from gross receipts when earned
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.
Deducting deferred bonuses
Numerous rules and restrictions govern the timing of deductibility of bonuses accrued in one year and paid in another.
Which taxpayers are potentially subject to the new ‘BEAT’?
Imposition of a base-erosion and anti-avoidance tax adds fresh complexity to the calculation of transfer-pricing tax and accounting results.
IRS guidance addresses limitations on business interest expense
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.
Guidance addresses partnership accounting when IRS collects underpayments
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 permits reasonable estimates of tax liability to ease effect of new tax law
SEC allows companies to use reasonable estimates of their tax liability post-tax reform.
FASB moving forward on reclassification of stranded tax effects
FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.
Investment adviser’s inducement payments to shareholders are not intangibles
The IRS ruled that the inducement payments were otherwise deductible under Sec. 162 and were not capitalizable under Sec. 263(a).
