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,
§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), §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)
ICYMI
A Roundup of Recent Discussions from the NAEA WebBoard.i
QUESTION #1: I have a new client, an S corporation with two shareholders (married couple) who moved to Texas last year, that have hired me to prepare their 2022 tax return. The corporation purchases aircraft... Patrick D. Dimmitt, EA
Winter 2023,
ICYMI,
Reg. §1.351-3(a), Rev. Rul. 77-412, §732(b), §731, s corporation, §732(c), §168(i)(7), §351, partnership, Rev. Rul. 67-65, §358(a), Reg. §301.7701-3(c)(1)(v)(C), NIMS, §708(b)(1), §5.03, Form 2553, §263A, National Incident Management System, §752(b), Reg. §301.6109-1(h)(1), LLC, inventory, §731(a)(1), EIN, Form 1065, Form 3115, Reg. §1.357-2(a), Internal Revenue Manual 21.13.4.3.1, Reg. §1.417-1(b)(6)(iii)(E), §357(c), Rev. Rul. 99-5, Reg. §1.471-1(b)(3), Reg. §301.7701-3(g)(1)(i), Reg. §301.6109-1(h)(2)(ii), Rev. Proc. 2013-30, §471(c), Reg. §1.351-3(b), §735(a), §4.03(1), Form 1125-A