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Video instructions and help with filling out and completing Rev proc 2022 3
Instructions and Help about Rev proc 2022 3
I think accounting methods for most people these are probably pretty esoteric ideas but you know as accounting method specialist you know we had a lot of fun talking about it well I guess as a fellow tax key I enjoyed as well include a link to the letter and showing us at the episode so the other tax geeks out there can enjoy it as well perhaps absolutely Applause Music simply tax hello and welcome back to another episode of simply tax addiction related guidance back in episode 21 of the podcast I had a chance to chat with OBO a Kokoro about the AI CPAs tax methods and periods technical resource panel in our conversation she shared some of the issues that small business taxpayers face in implementing some of the favorable accounting method changes under the tax cuts and Jobs Act due to challenges in coordinating the new tax law with the old on July 23rd the resource panel submitted a letter to the IRS and Treasury that commented on this impact and made a number of recommendations that fall into eight buckets ranging from automatic and simplified accounting method changes to clarifying that qualified Improvement property is treated as fifteen year property which was fixed the so called retail pledge that we've previously discussed in the podcast stay in suppli tax I'm joined by nathan clark who is a tax partner at dixon hughes goodman and a member of the tax methods in . signal resource panel i'm excited to share with you his insights on the recommendations made in letter as well as the guidance we received by way of revenue procedure twenty eighteen dash forty that was released on august 3rd and you won't want to miss the end of the episode when Nathan shares how he's able to balance keeping up with the fast pace of tax change while pacing himself in training for and running marathons without getting too deep in the weeds I'll give a quick overview the what really drove this was some new accounting methods that are eligible for small tax payers that are intended to make their their tax compliance their tax accounting simpler and easier and less burdensome and I think the tax cuts and Jobs Act with a long way to do that so to begin with what is a small business for purposes of what we're talking about today in this comment letter it's it's primarily defined as businesses who's for the prior three years their average annual gross receipts is twenty five million dollars or less if you're beneath that threshold then you have the option to take advantage of these these new methods or these exceptions or exemptions to certain rules but prior to this there wasn't one clear standard of you know now we have this twenty five million dollar gross receipts if you look back at the old rules they were varied and they were complex and they were not.