Description

Accounting methods are a complex and intimidating corner of the tax world. Guests Brittany Cummings and Travis Butler join host Damien Martin to cut through the static of recent accounting method developments and break down what you need to know as we head into year-end planning. Listen for answers to these questions:

• What’s an accounting method? @00:28
• What’s in the recently released final and proposed bonus depreciation guidance? @04:06
• Can taxpayers take bonus depreciation on qualified improvement property? @06:35
• What else is going on in the accounting method world as it relates to fixed assets? @10:03
• What’s in the recently released proposed revenue recognition guidance under Section 451? @13:58
• How did this guidance address cost of goods sold and variable consideration? @22:30
• Are there best practices for implementing this guidance? @26:04
• What’s negative §263A and what was in the guidance released last November? @27:40
• What other accounting methods should you be thinking about right now? @33:46
• What are Brittany and Travis’ favorite accounting method changes? @38:26
• Are there any international or state and local tax issues to consider with accounting methods? @40:34

BIO FOR GUESTS

Travis Butler serves as a director in BKD’s National Tax Department and Chicago office.

• Connect with Travis on LinkedIn

Brittany Cummings serves as a national assistant tax director in BKD’s National Tax Department.

• Connect with Brittany on LinkedIn
• Follow Brittany on Twitter

ADDITIONAL RESOURCES

Mentioned in the podcast:

• Episode 36: Simply Small Business Taxpayer Accounting Methods with Nathan Clark
• Episode 38: Bonus Depreciations Regs & More with Jesse Palmer

Additional resources:

• Summary: https://www.bkd.com/chart/2018/08/tax-cuts-and-jobs-act-ss168k-bonus-depreciation
• Article: New Depreciation Rules Create Tax Planning Opportunities by Jason Jobgen
• Resource centers:
  • Revenue Recognition
  • Lease Accounting

GET MORE “SIMPLY TAX”

We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.

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