January 2012 issue

Accounting Methods Spotlight

This publication provides timely updates on a range of federal income tax issues including accounting methods and inventories, depreciation, long-term contract accounting, leasing, fringe benefits, and other miscellaneous tax issues.

This month's features:

  • 90-day window available for filing Form 3115
  • IRS publishes revised Form 2848
  • Top five fringe benefit issues impacting taxpayers
  • Taxpayers should consider state tax implications when filing Form 3115
  • IRS publishes long-awaited tangible property repair regulations
  • IRS clarifies treatment of certain liabilities under the recurring item exception
  • Sale of tax credits results in capital gain
  • Legal fees incurred in connection with ANDA process held to be capitalized and amortized under §197
  • IRS provides proposed method of accounting for OID on credit card receivables
  • LB&I issues two directives regarding telecom and electrical industries


Accounting Methods Spotlight archive