This quarter's Accounting Methods Spotlight discusses important IRS guidance and other developments and features:
- Treasury releases Biden Administration budget proposals (Green Book)
- Regulations on federally declared disasters finalized
- Revenue procedures provide guidance on recovery period for certain residential rental property
- Safe harbor issued for certain taxpayers that did not deduct expenses related to PPP loans
- IRS provides individual estimated tax relief
- Contribution to fund creates amortizable intangible
- IRS concludes negative Section 481(a) adjustment increases Section 163(j) ATI
- Technical advice memoranda address various accounting method issues
- Generic drug company may deduct legal fees for defending patent infringement suit
- Section 1341 relief not available when taxpayer has no right to income
- Rent payments exceeding fair market rent not deductible
- Taxpayer files Tax Court petition to review benefits and burdens of ownership under Section 199
- Tax Court disallows tax benefits for solar equipment investment
- LB&I revises construction industry guide
- FTS/STS Insights published in Q2 2021
