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These materials discuss as well as provide context to understand the significance of the most important judicial decisions and administrative rulings and regulations promulgated by the Service and Treasury during 2017. Amendments to the Code generally are not discussed except to the extent that they are of major significance, they have led to administrative rulings and regulations, or they have affected previously issued rulings and regulations otherwise covered by these materials. These materials focus primarily on topics of broad general interest—income tax accounting rules, determination of gross income, allowable deductions, treatment of capital gains and losses, corporate and partnership taxation, exempt organizations, and procedure and penalties. The materials deal summarily with qualified pension and profit sharing plans, and generally do not deal with international taxation or specialized industries, such as banking, insurance, and financial services.

This recent developments outline discusses, and provides context to understand the significance of, the most important judicial decisions and administrative rulings and regulations promulgated by the Internal Revenue Service and Treasury Department during the most recent twelve months-and sometimes a little farther hack in time if we find the item particularly humorous or outrageous. Most Treasury Regulations, however, are so complex that they cannot he discussed in detail, and, anyway, only a devout masochist would read them all the way through; just the basic topic and fundamental principles are highlighted-unless one of us decides to go nuts and spend several pages writing one up. This is the reason that the outline is getting to be as long as it is. Amendments to the Internal Revenue Code generally are not discussed except to the extent that (1) they are of major significance, (2) they have led to administrative rulings and regulations, (3) they have affected previously issued rulings and regulations otherwise covered by the outline, or (4) they provide an opportunity to mock our elected representatives; again, sometimes at least one of us goes nuts and writes up the most trivial of legislative changes. The outline focuses primarily on topics of broad general interest (to us, at least)-income tax accounting rules, determination of gross income, allowable deductions, treatment of capital gains and losses, corporate and partnership taxation, exempt organizations, and procedure and penalties. It deals summarily with qualified pension and profit sharing plans, and generally does not deal with international taxation or specialized industries, such as banking, insurance, and financial services.

This paper proposes an accounting for revenues as an alternative to the proposals currently being aired by the FASB and IASB. Existing revenue recognition rules are vague, resulting in messy application, so the Boards are seeking a remedy. However, their proposals replace the traditional criteria-revenue is recognized when it is both \"realized or realizable\" and \"earned\"-with similarly vague notions that require both the identification of a \"performance obligation\" and the \"satisfaction\" of a performance obligation. Our framework aims for the concreteness that yields practical accounting solutions. It has two features. First, revenue is recognized when a customer makes a payment or a firm commitment to pay. Second, revenue recognition and profit recognition are combined, with profit recognition determined on the basis of objective criteria about the resolution of uncertainty under a contract, and then conservatively so. Two alternative approaches are offered: the complete contract method (where profit is recognized only on the termination of a contract) and the profit margin method (where a profit margin is applied to recognized revenues throughout the contract as the contract profit margin becomes clear. The latter requires resolution of uncertainty, so the completed contract method is the default. [PUBLICATION ABSTRACT]

Whether financial statements of public U.S. corporations provide sufficient information to the public to determine a corporation's tax payment to the U.S. Treasury and its involvement in \"tax shelter\" transactions has been much debated since the well publicized collapses of Enron Corporation and WorldCom, Inc. In this paper, we use specific examples to demonstrate how \"income tax note\" data can be analyzed to answer these two questions and, in so doing, point out the limitations of using financial accounting information to address tax-related issues. We conclude with suggestions to increase the transparency of a corporation's tax activities through enhanced disclosure.

This recent development outlines, discusses, and provides context to understand the significance of the most important judicial decisions and administrative rulings and regulations promulgated by the Internal Revenue Service and Treasury Department during 2014. Most Treasury Regulations, however, are so complex that they cannot be discussed in detail and, anyway, only a devout masochist would read them all the way through; just the basic topic and fundamental principles are highlighted. Amendments to the Internal Revenue Code generally are not discussed except to the extent that they are of major significance, they have led to administrative rulings and regulations, they have affected previously issued rulings and regulations otherwise covered by the outline, or they provide an opportunity to mock your elected representatives. The outline focuses primarily on topics of broad general interest -- income tax accounting rules, determination of gross income, allowable deductions, treatment of capital gains and losses, corporate and partnership taxation, exempt organizations, and procedure and penalties.

This paper considers the impact of the tax treatment of military contractors on the cost and timing of U.S. military procurement. Prior to the early 1980s, taxpayers were permitted to defer tax obligations on profits earned from long-term contracts. Legislation passed in 1982, 1986, and 1987 required that at least 70 percent of the profits earned on long-term contracts be taxed as accrued, thereby significantly reducing the tax benefits associated with long term contracting. Comparing contracts that were ineligible for these tax benefits with those that were eligible, it appears that between 1981-1989 the duration of U.S. Department of Defense contracts shortened by an average of between one and two months, or somewhere between 10 and 23 percent of average contract length. This pattern implies that the tax benefits associated with long term contracts promoted artificial contract lengthening in the 1980s, and suggests that the Department of Defense ignores the federal income tax consequences of its procurement actions, thereby indirectly rewarding contractors who benefit from tax expenditures.

Yes, the FRF for SMEs offers numerous advantages, but there are a number of factors to be considered: * Ownership and Management Structure - The entity is closely held and owner-managed. * Regulatory Requirements - The entity lacks regulatory reporting obligations that necessitate GAAPbased financial statements. * Profit Orientation - The entity орегates as a for-profit business. * Future Plans - There is no intention of going public in the foreseeable future. * Industry Specifics - The entity does not operate in an industry requiring specialized guidance for complex transactions. * Foreign Operations - The entity has no significant foreign operations. * User Accessibility - Key users of the financial statements have direct access to owners and management. * User Focus - Users are more interested in cash flows, liquidity, financial position strength, and interest coverage rather than comprehensive GAAP disclosures. Operating leases do not require the recognition of lease assets and lease liabilities. ЕКЕ for SMEs does not require the adoption of a provision similar to FASB ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), which amended the existing accounting standard for estimating future credit losses on financial instruments at the time the financial instrument is initially recorded. The transition requires specific disclosures, including the following: * Changes in Opening Balances - A description of any adjustments from the most recently issued financial statements. * Reasoning for Adoption - The rationale behind selecting FRF for SMEs. * Differences from GAAP - An explanation of how the new framework differs from СААР in significant accounting policies. [...]financial statement titles should be modified to reflect the use of a special purpose framework, distinguishing them from GAAP-based statements.