Treasury and IRS Release Final Regulations under Section 451
Posted on Dec 28, 2020 in Tax Accounting
On December 22, the Department of the Treasury and the Internal Revenue Service released final regulations under section 451(b) and (c). Section 451(b) generally provides that a taxpayer must recognize income no later than when the taxpayer takes the income into account on its applicable financial statement, and section 451(c) provides rules regarding the timing of the recognition of...
Tax on Broadband Service Providers is New York’s Newest Bad Idea
Posted on Dec 11, 2020 in State and Local Tax
Companion bills recently introduced in New York State (A. 11180 and S. 9112) would impose a temporary tax on businesses that provide broadband internet access service. Revenues generated from the tax would be earmarked to fund the provision of broadband internet access services to students in the state during the COVID-19 pandemic. The tax proposal would assess an “annual charge”...