Tax accounting

TOPICS / TAX

March 1, 2025

Transfer pricing: Not just for the tax department

Financial reporting needs to be given greater attention as the stakes of transfer pricing disputes rise.

August 22, 2024

Potential effects of Loper Bright and Corner Post on tax practitioners

An AICPA tax leader explains the potential ramifications of two recent Supreme Court decisions on tax regulation. Listen to the podcast episode or read the Q&A.

April 30, 2024

Automatic accounting method changes list updated by IRS

The IRS on Tuesday provided a comprehensive list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 21 changes described as significant.

June 16, 2023

IRS updates list of automatic accounting method changes

The IRS on Thursday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 29 changes that the Service describes as significant.

March 1, 2023

Tax benefits denied for lack of profit motive

The Tenth Circuit upholds the Tax Court’s denial of depreciation and tax credits for a taxpayer’s investment in a solar energy tax shelter.

February 1, 2023

Blast from the past: Tax planning with the repair regs.

Elections made as long as nine years ago may need updating.

January 19, 2023

Auto depreciation limitations make a big leap for second year in a row

The IRS issued sharply higher new depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.

May 10, 2022

Helping build a better tax system

A CPA describes his journey from a small practice to advising the IRS and Congress on issues of tax policy and administration.

April 12, 2022

Letters from IRS to warn taxpayers about possible QOF actions needed

The IRS is sending letters to taxpayers who may need to take additional actions related to qualified opportunity funds .

March 16, 2022

Auto depreciation limits leap with inflation

The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles, including passenger vans and trucks, placed in service in 2022.

January 31, 2022

List of automatic tax method changes updated

A revenue procedure catalogues changes subject to general procedures of Rev. Proc. 2015-13.

January 1, 2022

How LLCs may obtain tax-exempt recognition

Notice does not affect the status of already recognized organizations.

December 16, 2021

IRS issues accounting-method change procedures for small businesses

New procedures follow final regulations to implement simplifications by the law known as the Tax Cuts and Jobs Act.

August 23, 2021

Interruption of LIFO inventories due to COVID-19 and Sec. 473 relief

Global supply chain problems caused by the COVID-19 pandemic have made it difficult for US companies to replace inventories, potentially subjecting them to additional taxable income. The AICPA has requested relief under Sec. 473.

August 12, 2021

Automatic accounting method change procedures updated

The IRS updated the list of accounting method changes to which automatic change procedures apply.

August 9, 2021

IRS updates car and truck depreciation limits

The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021.

January 4, 2021

Final rules govern income inclusion and advance payments

The IRS issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the law known as the Tax Cuts and Jobs Act.

December 24, 2020

Simplified accounting rules for small businesses allow annual election

The IRS finalized regulations for simplified accounting rules for small businesses, which are defined as businesses with inflation adjusted average annual gross receipts of $25 million ($26 million for 2020 and 2021).

December 8, 2020

Several tax provisions set to expire at end of 2020

Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.

November 19, 2020

IRS doubles down on nondeductibility of PPP-funded expenses

The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.

FROM THIS MONTH'S ISSUE

Cannabis dispensary denied ERC

The Court of Federal Claims held that Sec. 280E, which prohibits deductions and credits for businesses trafficking in controlled substances, applies to the employee retention credit (ERC), including its refundable portion, and denied a cannabis business’s claim for a refundable ERC.