Scacpa's Weekly Federal Tax Update

Federal Tax Update with Lynn Nichols #49

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Lynn Nichols Federal Tax Update Podcast October, 07 2019, Episode 49 Listen as Lynn Nichols provides commentary on 6 Items pertaining to current developments in U.S. tax law. Lack of Safe Harbor in Proposed Accounting Regs Chafes Tax Pros Practitioners are disappointed by the absence of goods sold offsets and a financial accounting percentage of completion method safe harbor in newly proposed regulations on the Tax Cuts and Jobs Act’s tax accounting provisions. [Tax Notes Today, 9/9/2019, Article by Nathan J. Richman]  Automatic Consent Procedures Issued for Accounting Rule Changes The IRS has issued procedures (Rev. Proc. 2019-37) for obtaining automatic consent to change accounting methods to comply with section 451 and recently released proposed regulations under reg. section 1.451-3 (REG-104870-18) and 1.451-8 (REG-104554-18). [Rev. Proc. 2019-37; 2019-39 IRB 1, 9.6.2019]   IRS Publishes Proposed Regs on Exempt Organization Donor Disclosures The IRS has published proposed regulations (REG-102508-1