Tax accounting

TOPICS / TAX

November 9, 2020

Taxpayers allowed choice of bonus depreciation rules

The IRS issued rules for taxpayers to follow in applying recently issued bonus depreciation regulations, including how to make several elections.

September 28, 2020

Small business accounting regulations and tax shelter implications

New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.

September 22, 2020

IRS issues more bonus depreciation rules

The IRS issued final bonus depreciation regulations and withdrew proposed regulations.

July 30, 2020

Simplified accounting rules issued for small businesses

The IRS issued regulations on the simplified accounting method rules for small business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.

July 30, 2020

IRS to allow faxing of automatic method change requests

The IRS announced that, beginning Friday, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax instead of mail.

July 8, 2020

2020 depreciation limits for cars and trucks are issued

The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.

April 29, 2020

CARES Act QIP change requires action

Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.

April 17, 2020

How to take retroactive 100% bonus depreciation on QIP

The IRS issued procedures for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP).

April 13, 2020

Business interest expense election guidance for farming, real estate

Real property or farming trades or businesses can withdraw their decision to elect out of Sec. 163(j)’s business interest expense limitation for a 2018, 2019, or 2020 tax year.

December 18, 2019

New FASB standard aims to simplify accounting for income taxes

FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.

December 1, 2019

Accounting method choice cuts both ways

Change is hard, especially without a Form 3115, Application for Change in Accounting Method.

November 8, 2019

Automatic accounting method change procedures updated

The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.

November 1, 2019

Like-kind exchanges and personal property

A recent law change invites new strategies.

September 25, 2019

IRS issues 2019 to 2020 per-diem rates for traveling away from home

The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.

September 6, 2019

Tax accounting rules issued for advance payments

Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS on when to include the advance payments in income.

June 1, 2019

Income recognition changes for accrual-method taxpayers

The Tax Cuts and Jobs Act made some widely applicable but, perhaps, lesser-known changes to accrual accounting rules.

May 21, 2019

2019 inflation-adjusted vehicle depreciation limits and income inclusions issued

The IRS provided the limitations on depreciation deductions for passenger automobiles first placed in service in 2019 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2019.

May 1, 2019

Bonus depreciation safe-harbor rules for vehicles issued

Rev. Proc. 2019-13 allows a deduction in succeeding years of excess unrecovered basis remaining after the Sec. 280F first-year limitation.

February 13, 2019

Bonus depreciation safe-harbor rules for vehicles issued

The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.

January 1, 2019