NIMS 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, 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), §1.451-3(a)(5), s corporation, DCN, §414(m), U.S. Securities and Exchange Commission, Schedule C, §22.18(17), §414(o)

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, 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, 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)

IRS Updates Small Business Accounting Method Regulations

Tax News Briefs

IRS Updates Small Business Accounting Method Regulations

The Internal Revenue Service (IRS) has issued final regulations to implement the changes to the accounting method rules made by the Tax Cuts and Jobs Act (TCJA). Under Internal Revenue Code (IRC) §448(c), a business with gross receipts under $25 m... TheTaxBook

Mar/Apr 2021, Tax News Briefs, IRC §471(c), TCJA, IRC §471(a), s corporation, IRC §263A, c corporation, IRC §448, partnership, IRC §460, IRC §471, UNICAP, NIMS, Schedule K-1, IRS Notice 2020-75