The IRS and Treasury Department have provided a variety of updates and guidance on accounting methods, including changes to the list of automatic accounting method changes and the obsoletion of a 65-year-old revenue ruling. Additionally, proposed legislation may bring back the ability to expense research and experimentation expenditures. One tax planning idea for companies subject to capitalization of costs under section 263A is the historic absorption ratio election, which can streamline cost allocation methods for UNICAP compliance.
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