About the Committee
In recent years there have been significant changes involving the proper timing of income and expense recognition. Some changes are attributed to statutory changes, some arise from case law developments and government interpretation, still others result from issues identified through IRS examination. As professionals working in tax accounting, we must constantly be aware of these changes in whatever form they take. The Tax Accounting Committee is committed to keeping its members abreast of significant developments. Additionally, our committee members contribute the formulation and development of issues through our active involvement in tax accounting issues. Committee members are able to remain up to date on the latest developments through the regular occurrence of a Current Developments Panel at each committee meeting. Committee members participate, form, and develop significant issues through panel participation, mini programs, and the comment letter process.
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Who We Are
Not surprisingly, given the focus of our Committee, our membership is comprised of both lawyers and accountants. We regularly coordinate with the Tax Accounting Committee of the American Certified Accountants Association ("AICPA"), and many of our members are also members of that Committee. The Committee on Tax Accounting(#3340) is primarily responsible for tax accounting methods, which includes the timing of income and deductions under the accrual and cash methods, inventory methods, capitalization vs. expensing, procedures for changing accounting methods, and the many special methods involving these general issues, such as long-term contract accounting, the installment method, and the uniform capitalization rules. The committee also has primary jurisdiction over a variety of other income tax issues including accounting periods, the specialized tax rules affecting regulated utilities, alternative minimum tax, research credits, NOLS, amortizable bond premium. The complete list of Internal Revenue Code Sections over which the Committee has primary jurisdiction is available here.