Transactions impact accounting methods: plan now because you can't turn back time
Thinking about those captivating boxes, circles, or triangles? How often have you discovered too late that a transaction had unintended consequences? Don't fall into the trap of ignoring those pesky accounting methods, because those "just timing" items can cause sticky issues with sometimes permanent consequences! The Treasury and IRS recently issued guidance related to transactions, including final regulations under section 381 for the carryover of methods of accounting and Rev. Proc. 2011-29, which provides a safe harbor for the allocation of success-based fees in certain business acquisitions and reorganizations. We'll discuss some of the implications, opportunities and pitfalls of the impact of transactions on accounting methods.
Please join us for a 60-minute webcast on Wednesday, 24 August at 1:00 p.m. EDT as our panel of Ernst & Young LLP professionals addresses these issues and more.
Jack Donovan, Ernst & Young LLP, Federal Tax Services
Sharon Kay, Ernst & Young LLP, Federal Tax Services
Amy Sargent, Ernst & Young LLP, Transaction Advisory Services
Alison Jones, Ernst & Young LLP, Federal Tax Services