Tax accounting (methods and periods)

IRS issues proposed regs. on 100% bonus depreciation

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%.

When a tax cut is a profit hit

Companies with deferred tax assets may report surprisingly lower net income in 2017 even though they will benefit from lower income tax rates under the new tax law in 2018.

Trading virtual currencies

Tax preparers must reckon with not only transfers for property but also for other virtual currencies.

New PATH for depreciation

Changes to 15-year and bonus depreciation rules and Sec. 179 expensing may deliver tax savings to business clients.

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.