§274 Archives | EA Journal

Feature Article

Small Business Inventory Rules Under the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) made a significant change to the rules for eligible small business taxpayers that were previously required to maintain inventories and utilize the accrual method of account... Patrick D. Dimmitt

Winter 2023, Feature Article, §1.451-3(a)(5), s corporation, DCN, §414(m), U.S. Securities and Exchange Commission, Schedule C, §22.18(17), §414(o), SEC, NIMS, Rev. Proc. 2023-15, nonincidental materials and supplies, Form 10-K, §274, applicable financial statement, Financial Industry Regulatory Authority, AFS, §1.446-1(c)(2), inventory, §1.162-3, §5.01(1)(f), Form 3115, first-in, §22.18(6)(b), §471(c), first-out, Rev. Proc. 2015-13, §1.471-1(b), FIFO, TCJA, §22.18(6)(a), §52(a), §461, Tax Cuts and Jobs Act, designated automatic accounting change number, §52(b)

Tax News Briefs

Income Statement Verified by a CPA Is Not Substantiation

For some types of expenses, lack of substantiation can be overcome. If a taxpayer establishes that a deductible expense has been paid but cannot establish the precise amount, the Tax Court may estimate the amount under the s... TheTaxBook

Winter 2023, Tax News Briefs, CPA, Tax Court, Form 1040, §274, Cohan rule

Things You Need to Know for Tax Year 2021

Tax News Briefs

Things You Need to Know for Tax Year 2021

Advanced Payments of Child Tax Credit to Begin July 15 The Internal Revenue Service (IRS) has announced that the first monthly payment of the expanded and newly advanceable child tax credit from the American Rescue Plan will b... TheTaxBook

July/Aug 2021, Tax News Briefs, 50-percent limitation, §119, advanced, de minimis, dependent care assistance program, American Rescue Plan Act, DCAP, Consolidated Appropriations Act, flexible spending arrangement, child tax credit, FSA, Notice 2021-15, adjusted gross income, Notice 2021-26, AGI, §274(n)(2)(D), §274, 100-percent deduction, §132(e)(2)