Accounting Methods Updates (from Annual Virginia Conference on Federal Taxation 2022)

A pre-recorded streaming VIDEO replay of one session from the June 2022 live webcast seminar, 73rd Annual Virginia Conference on Federal Taxation.

Virginia’s Premier Tax Conference for Attorneys and Accountants
Sponsored by The Virginia Tax Foundation

This session provides a closer look at the most prominent issues taxpayers are facing in the implementation of the final regulations for revenue recognition under section 451(b) and (c), including the enforceable right exception, treatment of contra-revenue adjustments, and the newly introduced “cost of goods in process offset method” for inventory sales. The session also provides the highlights of other recent judicial, regulatory, and legislative developments involving accounting methods, including the first year of transition from expensing to the mandatory amortization of research and experimental expenses, recent guidance on accounting method changes, timing considerations for the deductibility of the new pass-through entity income tax regimes, and planning with accounting methods to mitigate the limitation on deductible business interest expense.