Ivins Comments on Proposed Regulations

Ivins Comments on Proposed Accounting Method & Sales Royalty Regulations

WEDNESDAY, DECEMBER 5, 2012
TAX NOTES TODAY HEADLINES

Treasury Tax Correspondence

Firm Suggests Adding Transition Rule to Proposed Regs on Sales-Based Royalties
Leslie Schneider and Patrick Smith of Ivins, Phillips & Barker, in comments regarding proposed regulations on the capitalization and allocation of sales-based royalties and vendor allowances, have elaborated on the firm's suggestion for a transition rule that would provide relief to taxpayers using the last-in, first-out inventory method.

The IRS requested comments on Form 56-F, "Notice Concerning Fiduciary Relationship of Financial Institution"; comments are due by February 4, 2013.

WEDNESDAY, DECEMBER 12, 2012
TAX NOTES TODAY HEADLINES

Public Comments on Regulations

Firm Comments on Proposed Regs on Allocation of Costs Under Simplified Methods of Accounting
Ivins, Phillips & Barker has submitted a wide range of comments on proposed regulations on the allocation of costs under the simplified methods of accounting under section 263A, noting the significant impact the regs would have on the manufacturing, wholesale and retail, and aerospace industries where inventories are maintained.