IRS business plan includes important guidance on tax accounting issues

October 2013


With the recent release of the final tangible property ‘repairs’ regulations, taxpayers may be interested in some of the 21 other tax accounting guidance projects on the 2013-2014 IRS-Treasury Priority Guidance Plan, commonly referred to as the ‘business plan.’ While most of these items have been carried over from previous business plans, there are several important new items.

The tax accounting items on the new business plan cover a wide range of transactions and therefore should be of interest to many taxpayers. The business plan also includes some related items in other sections. This WNTS Insight addresses several of the tax accounting projects in the new business plan.

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