Accounting Methods Spotlight Q1 2020

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April 2020

Overview

This quarter’s Accounting Methods Spotlight newsletter features:            

  • Annual PLR and accounting method/accounting period change procedures issued
  • IRS extends April 15 filing and payment deadline to July 15
  • Proposed regulations provide guidance on meal and entertainment expense disallowance
  • Proc. 2020-11 extends student loan discharge of indebtedness relief
  • TAM denies recovery of capitalized costs
  • PLR holds wind energy facility is not public utility property
  • Fee payment not deductible as ordinary and necessary business expense
  • Taxpayer may not use installment method
  • Taxpayer’s maple tree and blueberry bush development costs were startup expenses
  • Tax Court holds local transportation expenses are for commuting
  • FASB to propose effective date delay for new lease standard
  • IRS announces refund of sequestered funds
  • LB&I issues interest capitalization practice guide
  • IRS official states that cryptocurrency identification is a method of accounting

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Christine Turgeon

Partner, Federal Tax Services Leader, PwC US

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