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
