U.S. tax and FASB’s new paradigm for revenue recognition
Companies must prepare for unforeseen implications for tax planning.
Tax accounting (methods and periods)
Rules proposed for accounting method changes to reflect FASB revenue recognition standards
The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB’s new revenue recognition standards.
IRS issues 2017 car and truck depreciation limits
The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.
New PATH for depreciation
Changes to 15-year and bonus depreciation rules and Sec. 179 expensing may deliver tax savings to business clients.
Eligibility rule waiver extended for taxpayers adopting repair regs.
The IRS extended for one year its waiver of the eligibility rule that generally prevents taxpayers from using the automatic accounting method change procedures to change the treatment of the same item more than once within a five-year period.
Electing the benefits of partial dispositions
A taxpayer could lose the benefits of a partial-disposition election if it fails to perform the required compliance.
Special depreciation: 3 choices present new options
Recent changes have given taxpayers three attractive options for taking deductions in the year property is placed in service, rather than having to depreciate the property over many years.
New product or different presentation?
Courts and the IRS differ over a key qualification for the domestic production activities deduction.
Bonus depreciation applies to new class of property
December’s appropriations act created a “qualified improvement property” category for bonus depreciation.
IRS issues 2016 and revised 2015 vehicle depreciation limits
The IRS issued guidance providing the depreciation limits for automobiles for 2016 and revised limits for 2015 reflecting the retroactive increase in the amount of bonus depreciation permitted under recent legislation.
New Form 3115 is required, IRS announces
The IRS alerted the public that a new Form 3115, Application for Change in Accounting Method, has been issued with a revision date of December 2015, the first revision since 2009.
Tax implications of the new revenue recognition standard
Despite a delay in required implementation of the new standard, organizations need to get to work now analyzing its effects and evaluating tax methods.
Safe harbor for purchases of de minimis tangible property will be raised
The IRS announced that is raising the current de minimis limit for deducting expenses for purchases of items of tangible property from $500 to $2,500 for taxpayers without applicable financial statements.
Auto dealer stumbles on LIFO termination reversal
An initial change in inventory method is allowed despite a failed automatic consent attempt, but a change back to the original method is disallowed.
Sec. 179 and the repair regs.
Applying the two together may provide a larger overall deduction.
New safe harbor governs accounting for ratable service contracts
Qualifying accrual-basis taxpayers will be allowed to treat economic performance of certain service contracts as occurring on a ratable basis under a safe harbor introduced by the IRS.
Revised Form 3115 issued in draft form
The IRS has posted a draft revised version of Form 3115, Application for Change in Accounting Method, on its website.
New accounting method change procedures give more time to file Form 3115
The IRS updated its recently amended procedures for requesting approval for accounting method changes.
IRS asks for comments on accounting method changes for proposed revenue recognition standards
The IRS asked for comments on how taxpayers’ accounting methods should be affected by the new financial accounting revenue recognition standards that have been issued by FASB and the IASB.
Change is coming: Accounting method changes under the tangible property regulations
This article discusses the details of some of the accounting method changes businesses may need to make to comply with the tangible property regulations, popularly known as the “repair regulations.”
