New legislative developments, IRS guidance, and court rulings shed light on tax accounting method issues
Accounting Methods Spotlight
This month’s Accounting Methods Spotlight includes a discussion of the business tax proposals included in House Ways and Means Chairman Dave Camp’s Tax Reform Act of 2014, as well as tax reform proposals in the Obama Administration FY15 budget. In addition, this issue includes a discussion of recent guidance issued by the IRS on accounting method change procedures for dispositions of tangible depreciable property, as well as final regulations on substantial risk of forfeiture under Section 83. Finally, this month’s issue discusses a Tax Court case in which the court finds that home builders could apply the completed contract method based on the costs of the entire housing development.