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Tax Law Roundup current law developments in U.S. taxation

Category Archives: Accounting Methods

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Tax Incentives for Post-Holiday Facelifts

Posted in Accounting Methods, Real Estate

This week is a big week for the retail industry: its results can predict the overall success of an important shopping period. If stores perform well, this week can contribute significantly toward a successful quarterly earnings report. Given the potential of these few shopping days, retailers are understandably focused on what happens from the time… Continue Reading

IRS Allows Developer Tax Benefit of Common Improvement Advance to City

Posted in Accounting Methods, Real Estate

In CCA 201537022, the IRS allowed a real estate developer to capitalize its required “advance” to the city for common infrastructure improvement costs, subject to later year adjustment to the extent the city repaid the funds. In form, the developer initially financed the capital improvements with an advance, but the city’s obligation to repay the… Continue Reading

IRS Finalized and Also Proposed More Partnership “Varying Interest” Regulations

Posted in Accounting Methods, Joint Venture, Partnership/LLC

In T.D. 9728 the IRS finalized the 2009 proposed § 706(d) regulations relating to how partnerships should allocate tax items to take into account a variance in a partner’s interest during a year. A typical example is when a partner makes a disproportionate contribution or received a disproportionate distribution during the year. The IRS also… Continue Reading

IRS Simplifies Accounting Method Changes Under “Repair Regs”

Posted in Accounting Methods

In new Rev. Proc. 2015-20, the IRS permits a “small business taxpayer” to use a simplified procedure to change its method of accounting under the final tangible property regulations for tax years beginning on or after January 1, 2014. This rule allows these small taxpayers to change to certain accounting methods without the burden of… Continue Reading