Accounting Methods

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Dec 22, 2016

The IRS released Notice 2017-6, which better allows taxpayers to take advantage of the Tangible Property Regulations (TPRs). Taxpayers generally are not permitted to make an automatic method change if they made or requested a change for the same item during any of the five tax years ending with the year of change. This effectively prevents taxpayers from using the automatic change procedures to change the treatment of the same item more than once within a five-year period....

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Nov 15, 2016

For many businesses and business owners, the outcome of the 2016 election could be quite rewarding. President-elect Donald Trump proposed $6.2 trillion in tax cuts over the next decade. While it remains uncertain as to whether Trump can get such large tax cuts through Congress, even one controlled by the GOP, Republicans remain committed to overhauling the U.S. tax system in a manner that they think will help grow the economy. Overall, some sort of tax reduction seems inevitable....

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