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Credit card reward liabilities may be eligible for recurring-item exception.

Authors :
Geiszler, Matthew
McKinley, John
Pothapur, Keshaav
Source :
Journal of Accountancy; Sep2024, Vol. 238 Issue 3, p56-60, 4p
Publication Year :
2024

Abstract

The article reports on the eligibility of credit card rewards liabilities for recurring-item exception in the U.S. Topics mentioned include the approval of accrual ability by the Office of Chief Counsel, the use by taxpayer of an accounting method in computable taxable income, and the application of Sec. 461 to determine whether credit card reward liabilities are fixed.

Details

Language :
English
ISSN :
00218448
Volume :
238
Issue :
3
Database :
Complementary Index
Journal :
Journal of Accountancy
Publication Type :
Periodical
Accession number :
179427983