Financial Services Industry
Industry: Email Alert RSS FeedFEDERAL TAX
Pennsylvania CPA Journal, April, 2007 by Blair, Larry S
IRS Details Contract Liability Guidelines for Accrual Basis Taxpayers
Taxpayers using the accrual method of accounting face many challenges when determining whether or not a liability meets the "all-events test" and is deductible in a particular year. New Revenue Ruling 2007-3 from the IRS provides significant insight into the agency's view of contractual liability, and may provide taxpayers with an opportunity to possibly restructure a contract so that it may provide for an accrual in the year in which the contract is entered into.
Internal Revenue Code Section 461(a) states that a deduction must be taken for the taxable year that is the proper taxable year under the method of accounting used by the taxpayer to compute taxable income. For the accrual method of...
Brought to you by CBS MoneyWatch.com
- 10 Best Places to Retire
- Companies with the Best 401(k) Plans
- Most Important Document for Your Heirs? It's Not Your Will
- Video: Should You Expect to Retire Rich?
- Over 50? Here's How to Get (and Keep) a Great Job
Most Recent Business Articles
- Your feedback
- Why fly solo when an executive assistant can accelerate your CLNC® business?
- The CLNC® mentors held the key to my first case and to my CLNC® success
- Atlanta CLNC® 6-day certification seminar photo galleryplus sign up today for spring 2009 to save $100.00
- Announcing the 2009 NACLNC® conference keynote speaker, Stedman Graham: move like a maverick for breakaway CLNC® success at the 2009 NACLNC® conference
Most Recent Business Publications
Most Popular Business Articles
- Using object-oriented analysis and design over traditional structured analysis and design
- Big Fish Games Migrates Upstream to Fisher Plaza; High Growth Online Gaming Firm Vaults Fisher Plaza Occupancy Rate Above 90%
- Top of the line: some of the world's most well-respected doctors practice in South Florida. A guide to choosing the best physician specialists - Top Doctors in South Florida
- BEHR Paints Introduces a Colorful New Way to Paint and Prime All in One with BEHR Premium Plus Ultra™ Interior
- Sand filter basics: high-rate sand filters can be confusing for those new to the business. Understanding valve modes is the key

