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IRS Ponders Tax Issues of New Revenue Recognition Rules

Tammy Whitehouse | June 12, 2015

The Internal Revenue Service is starting to taking stock of how the new revenue recognition accounting standards will affect tax reporting, and it’s expecting to find increased differences between financial accounting and tax accounting rules.

Companies follow accounting rules to recognize income in financial statements, but tax accounting rules to recognize income in tax filings. Differences between accounting and tax rules lead to timing differences in terms of when companies can recognize income and tax benefits for each reporting purpose. The new revenue recognition standards adopted by the Financial Accounting Standards Board and the International Accounting Standards Board provide a new method for companies to determine when and in what...

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