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12 Jul 2016

Sales Tax Issues Burdening Corporate Controllers

If your company is set up like most, the sales tax burden probably becomes yet another area piled onto the already busy plate of the corporate controller—this is especially true at small and middle market businesses. These organizations often do not have a tax department that includes sales tax, so all accounting-related matters fall to the controller. He or she is usually a financial accounting person and probably doesn’t enjoy dealing with tax anyway, but now they are stuck with trying to figure out the complications of sales tax.

Written by Monika Miles | Posted in Accounting Methods • Sales/Use Tax • Small Business

18 May 2016

Tax Compliance Alert: New Administrative Authority Issued Affecting Automatic Accounting Method Change Filers

On May 5th, the Internal Revenue Service (hereinafter the “Service”) issued Rev. Proc. 2016-29, which outlines automatic accounting method changes and provides administrative procedures for electing them. Consequently, filers of Form 3115 entitled “Application for Change in Accounting Method” filed on or after May 5, 2016 must now follow this updated form of administrative authority. As it should be duly recalled, a revenue procedure is a statement of procedure that affects the rights or duties of taxpayers or other members of the public under the Internal Revenue Code (hereinafter the “Code”). Similar to Revenue Rulings, Revenue Procedures are less authoritative than Temporary and Final Treasury Regulations. Regardless, Revenue Procedures are binding on the Service and taxpayers alike and should be adhered to for purposes of assessing tax return filing positions under the Code and Circular 230.

Written by Peter J. Scalise | Posted in Accounting Methods • Tax Compliance Alert

30 Mar 2016

Tax Compliance Alert: The IRS Issues Transition Period Guidance for Recently Revised Form 3115

Introduction

The Internal Revenue Service (hereinafter the “Service”) issued on March 24 of 2016 their Announcement 2016-14 addressing the transition period implementation dates in connection with the recently revised Form 3115 entitled “Application for Change in Accounting Method” which was most recently revised and released to the public in December of 2015. This presents a paradigm shift as while most tax forms and publications are updated annually, this was the first update to Form 3115 since December of 2009. Read More