AICPA Digital Asset Reporting Guide Punts on Lending Transactions
A working group of the AICPA—which develops a practice aid related to crypto accounting—decided not to directly address a recent …
Updated Guidance on Accounting Methods for Specified Research or Experimental Expenditures
The IRS has issued a revenue procedure providing updated guidelines for accounting method changes for specified Code Sec. 174 research or experimental …
Companies Already Have Implementation Questions on SEC’s New Pay vs. Performance Rule
The Securities and Exchange Commission’s Division of Corporation Finance (CorpFin) staff has already been getting implementation inquiries about the commission’s …
New Proposed Regulations under IRC 451 Released
The IRS recently issued proposed regulations under IRC § 451(b) on the tax year of income inclusion for certain accrual …
IRS provides life insurance companies simplified accounting method change procedures
Rev Proc 2019-35, 2019-35 IRB The IRS has provided insurance companies with simplified procedures to obtain automatic consent to accounting …
Automatic method change for new financial accounting standards applies to early adopters
Rev Proc 2018-49, 2018-41 IRB In a Revenue Procedure, IRS has modified Rev Proc 2018-29, 2018-22 IRB 634, and Rev Proc 2018-31, …
IRS updates automatic accounting method changes to reflect TCJA
Rev Proc 2018-40, 2018-34 IRB; IR 2018-160 IRS has provided the procedures by which a small business taxpayer may obtain automatic …
IRS issues updated list of automatic accounting changes
In a Revenue Procedure, IRS has issued an updated list of accounting method changes to which IRS’s automatic change procedures …