Accounting Methods Spotlight / Q2 2020

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Overview

This quarter’s Accounting Methods Spotlight newsletter features:

  • Proposed regulations issued under Section 162(f), Section 274. and Section 1031
  • IRS and Treasury issue final regulations under Section 199A
  • Notice 2020-32 denies deductions for business expenses related to the Paycheck Protection Program
  • Rev. Proc. 2020-13 addresses the application of Section 263A to a farming business
  • Notice 2020-23 filing extension applies to non-automatic method changes
  • GLAM applies automatic extension of time to file duplicate Form 3115
  • IRS issues FAQs on AMT NOLs
  • FASB delays effective date of ASC 606 for nonpublic entities
  • LB&I issues practice guides on Section 263A method changes and the installment method
  • FTS/AMS Insights published in Q2 2020

Contact us

Christine Turgeon

Partner, Federal Tax Services Leader, PwC US

Brad White

Partner, Accounting Method and Fixed Asset Services Leader, PwC US

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