Accounting method services

Accounting methods (and beyond)—tax planning and compliance under tax reform

What are the key takeaways about accounting methods?

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How PwC can help

The process of selecting appropriate accounting methods for a company has become a daunting exercise. The vast range of methods available today, coupled with the resource constraints companies face, often result in a company’s using unfavorable accounting methods.

Companies should regularly evaluate their accounting methods for tax purposes, identify planning opportunities and exposure items at the earliest possible time, and take corrective action. Through analysis of several categories of items, including timing of income and deductions, cost capitalization issues and other accounting method issues, companies can evaluate their ability to utilize, change to, or adopt advantageous accounting methods.

PwC’s Accounting Methods team can help your company understand the impact of business decisions on accounting methods and inventory calculations − and the impact of accounting methods and inventory calculations on your business.

We can help you with:

  • Increasing cash flow and deferring income taxes by implementing more favorable, allowable elections and methods
  • Taking a fresh look at your tax position to better understand opportunities and exposures
  • Reducing potential IRS audit adjustments by bringing improper methods of accounting into compliance
  • Identifying new opportunities that may have arisen due to law change or change in IRS positions/policies
  • Simplifying calculations to free up important financial accounting and tax department resources

Explore further

Inventory Solutions: Section 263A/UNICAP

The breadth of the new rules likely will require many taxpayers using a simplified method to change one or more methods of accounting to comply with the new regulations.

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Section 199A

While a significant benefit for many taxpayers, the Section 199A deduction is one of the most complex provisions of the Tax Cuts and Jobs Act because of its many nuanced requirements.

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Tax Depreciation Services (TDS)

The 2017 tax reform reconciliation act (the Act), also known as the ‘Tax Cuts and Jobs Act,’ has created an unprecedented need to optimize the recovery and maintenance of fixed assets’ net tax basis for international, federal, and state tax purposes.

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Lease Automation Services (LAS)

The new leasing standard requires changes to historical tax processes at nearly every company. Tax compliance, audit support and planning post implementation will require new processes to be designed and implemented.

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Brad White

Brad White

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

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