Recent IRS guidance sheds light on tax accounting issues

April 2014


This month’s Accounting Methods Spotlight highlights modifications to revenue procedure 2014-1 that reduce Form 3115 filing requirements and user fees for certain partnerships and foreign corporations. In addition, this month's issue discusses IRS rulings concluding that: consent is not required for a taxpayer to make a change in method of accounting for depreciation for domestic earnings and profits; a taxpayer's lawsuit settlement liabilities are deductible business expenses, certain inventory is not eligible for the enhanced charitable contribution deduction; and, legal fees and other costs related to self-insured workers compensation claims do not qualify as specified liability losses under Section 172(f).

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