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1. Accounting method change procedures for sales-based royalties and vendor allowances are announced   WebExclusive

BY Sally P. Schreiber, J.D.
Taxpayers who are adopting the rules for sales-based royalties and vendor allowances under Sec. 263A and Sec. 471 provided in T.D. 9652 were given new procedures for obtaining automatic consent to accounting method changes to conform to those rules (which apply to tax years ending on or after Jan.

2. Guidance on repair regs. updates accounting method change procedures  

BY Sally P. Schreiber, J.D.
The IRS in late February issued the second part of guidance on accounting method changes under the so-called repair regulations, which govern the treatment of expenditures incurred in acquiring, producing, or improving tangible assets (Rev. Proc. 2014-17, modifying and superseding Rev. Proc. 2012-20). The first part of the updated procedures on accounting method changes for the repair regulations was issued at the end of January (Rev.

3. Automatic consent for changing accounting methods under the “repair regs.”  

BY Susan Anderson, CPA, Ph.D., CFP
The IRS recently issued Rev. Proc. 2014-16 describing the procedures to obtain automatic consent for changing to accounting methods required or permitted under the “repair” final regulations (T.D. 9636) and temporary regulations (T.D. 9564). The final regulations are effective for tax years beginning on or after Jan. 1, 2014, but taxpayers may generally apply them to tax years beginning on or after Jan.

4. Guidance on repair regs. updates accounting method change procedures   WebExclusive

BY Sally P. Schreiber, J.D.
The IRS issued the second part of the guidance on accounting method changes under the so-called repair regulations, which govern the treatment of expenditures incurred in acquiring, producing, or improving tangible assets (Rev. Proc. 2014-17, modifying and superseding Rev. Proc. 2012-20). The first part of the updated procedures on accounting method changes for the repair regulations was issued at the end of January.Several sections of the repair regulations require taxpayers to secure the IRS’s consent before changing to an accounting method provided for in the regulations.

5. Guidance issued on accounting method changes under repair regs.   WebExclusive

BY Alistair M. Nevius, J.D.
The IRS on Friday issued long-awaited guidance on accounting method changes under the so-called repair regulations, which govern the treatment of expenditures incurred in acquiring, producing, or improving tangible assets (Rev. Proc. 2014-16). Several sections of the repair regulations require taxpayers to secure the IRS’s consent before changing to an accounting method provided for in the regulations.

6. Health coverage information reporting requirements guidance issued   WebExclusive

BY Alistair M. Nevius, J.D.
The IRS on Friday issued two related proposed regulation projects on health care coverage reporting requirements under the Patient Protection and Affordable Care Act, P.L. 111-148. One set of proposed regulations gives guidance to providers of minimum essential health coverage that are subject to the information-reporting requirements of Sec.

7. LLC’s use of deferral method for advance payments upheld  

BY Beth Howard, CPA, Ph.D.
The Tax Court found that an IRS Criminal Investigations Division agent and his wife, a school manager, could use the deferral method to report certain advance payments relating to their private school LLC-partnership. Further, the court upheld the treatment of payments that the couple made to the LLC-partnership as capital contributions and determined that the IRS failed to prove that the taxpayers lacked basis to deduct passthrough losses from the LLC-partnership.

8. Accounting method changes to be allowed in corporate reorganizations   WebExclusive

BY Alistair M. Nevius, J.D.
The IRS on Wednesday announced a change in its policy on automatic accounting method changes in corporate reorganizations (Rev. Proc. 2012-39). Taxpayers that engage in a tax-free reorganization or liquidation under Sec. 381(a) after Aug. 31, 2011, will be allowed to make automatic accounting method changes in the tax year they engage in the transaction.

9. American Institute of CPAs recommends changes to tangible property guidance   WebExclusive

BY Sally P. Schreiber, J.D.
On July 16, 2012, the AICPA submitted a comment letter to the IRS recommending various changes and simplifications to the voluminous and complex regulations regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets (T.D. 9564 and REG-168745-03) and the revenue procedures governing the accounting method changes required under the regulations that were issued this year (Rev.

10. FAF review of FIN 48 shows it meets its objectives  

BY Alistair M. Nevius
The Financial Accounting Foundation (FAF) issued a post-implementation review (PIR) of FIN 48 (FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes). The PIR is a new process designed to help the FAF trustees with efforts to evaluate the effectiveness of accounting standards as well as the standard-setting process.
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