{"id":13484,"date":"2015-07-03T00:00:00","date_gmt":"2015-07-03T00:00:00","guid":{"rendered":"https:\/\/getirshelp.com\/blog\/i-r-s-worries-that-new-revenue-recognition-accounting-rules-may-affect-taxes\/"},"modified":"2026-07-27T15:04:36","modified_gmt":"2026-07-27T15:04:36","slug":"i-r-s-worries-that-new-revenue-recognition-accounting-rules-may-affect-taxes","status":"publish","type":"post","link":"https:\/\/getirshelp.com\/blog\/i-r-s-worries-that-new-revenue-recognition-accounting-rules-may-affect-taxes\/","title":{"rendered":"I.R.S Worries That New Revenue Recognition Accounting Rules May Affect Taxes"},"content":{"rendered":"<p>After 32 years of IRS work \u2014 and more than $100 million in resolved tax debt \u2014 I&#039;ve seen just about every version of the problem you&#039;re dealing with. I&#039;m Darrin Mish, a tax attorney in Tampa. Here&#039;s what you should know.<\/p>\n<p>The revenue recognition rules recently adopted by the Financial Accounting Standards Board are <a href=\"https:\/\/www.complianceweek.com\/blogs\/accounting-auditing-update\/irs-ponders-tax-issues-of-new-revenue-recognition-rules#.VYnRCPlVhBd\" target=\"_blank\" rel=\"noopener noreferrer\">causing some concern<\/a> in the I.R.S.<\/p>\n<p><span class=\"pullquote\">According to an article at Compliance Week, the I.R.S. has issued a notice asking for comments on the new standards because they may affect the timing of when a company can claim particular revenue as income.<\/span> Specifically, companies that are &#8220;using the percentage of completion method, deriving income by providing services, using bill-and-hold transactions for the sale of goods, accounting for sales and returns of goods, and earning income from warranties&#8221; may be affected.<\/p>\n<p>According to the article, the Financial Accounting Standards Board did not expect the new rules to affect the timing of income for tax purposes, and the issue was never discussed at board meetings. Nevertheless, the I.R.S. believes that these rules may be inadequate for tax purposes.<\/p>\n<p>In the notice the article links to, the I.R.S. states that it specifically wants to know &#8220;whether the new standards are permissible standards of accounting for federal income tax purposes&#8221; and &#8220;the types of accounting method change requests that will result from adopting the new standards&#8221;.<\/p>\n<p>The I.R.S. is accepting comment until September 16th. After this date passes, the I.R.S. will decide whether to issue new guidance regarding this issue.<\/p>\n<p>Check out more <a href=\"https:\/\/getirshelp.com\/blog\/category\/irs-news\/\">IRS News<\/a> stories by clicking that link.<\/p>\n<p><div class=\"rank-math-contact-info wpseo_map_compat\"><\/div><div class=\"clear\"><\/div><div class=\"rank-math-contact-info wpseo_address_compat show-address show-address-only\"><div class=\"rank-math-contact-section rank-math-contact-address\"><\/div><\/div><div class=\"clear\"><\/div><div class=\"rank-math-contact-info wpseo_opening_hours_compat\"><\/div><div class=\"clear\"><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After 32 years of IRS work \u2014 and more than $100 million in resolved tax debt \u2014 I&#039;ve seen just about every version of the problem you&#039;re dealing with. I&#039;m Darrin Mish, a tax attorney in Tampa. Here&#039;s what you should know. The revenue recognition rules recently adopted by the Financial Accounting Standards Board are [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[591],"tags":[28],"class_list":["post-13484","post","type-post","status-publish","format-standard","hentry","category-irs-news","tag-irs-audit"],"_links":{"self":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/13484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/comments?post=13484"}],"version-history":[{"count":1,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/13484\/revisions"}],"predecessor-version":[{"id":22598,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/13484\/revisions\/22598"}],"wp:attachment":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/media?parent=13484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/categories?post=13484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/tags?post=13484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}