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Every IRC section cross-referenced to GAAP treatment, court cases, and IRS rulings. Updated when the law changes — not when someone remembers.
Section 179 Expensing
Allows businesses to deduct the full purchase price of qualifying equipment or software in the year of purchase, up to $1,160,000 (2023).
Allows businesses to deduct the full purchase price of qualifying equipment or software in the year of purchase, up to $1,160,000 (2023).
Like-Kind Exchange
Defers capital gains tax on real property exchanges when proceeds are reinvested into similar property within 180 days.
Defers capital gains tax on real property exchanges when proceeds are reinvested into similar property within 180 days.
UNICAP Rules
Uniform Capitalization rules require certain costs to be capitalized into inventory or self-constructed assets rather than deducted currently.
Uniform Capitalization rules require certain costs to be capitalized into inventory or self-constructed assets rather than deducted currently.
QBI Deduction
Up to 20% deduction on qualified business income for pass-through entities. Subject to W-2 wage and property limitations above threshold.
Up to 20% deduction on qualified business income for pass-through entities. Subject to W-2 wage and property limitations above threshold.
Passive Activity Rules
Limits deduction of passive activity losses to passive income only. Material participation tests determine active vs. passive classification.
Limits deduction of passive activity losses to passive income only. Material participation tests determine active vs. passive classification.
Related Party Rules
Disallows losses and defers deductions on transactions between related parties. Defines relationships including family members and controlled entities.
Disallows losses and defers deductions on transactions between related parties. Defines relationships including family members and controlled entities.
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Every ASC topic decoded with plain-English summaries, decision trees, and journal entry examples. Know the answer before the partner asks.
Revenue from Contracts with Customers
The 5-step model for recognizing revenue. Performance obligations, transaction price allocation, and variable consideration.
Leases
Operating vs. finance lease classification, ROU asset recognition, and transition from ASC 840.
Intangibles — Goodwill & Other
Goodwill impairment testing, indefinite-lived intangibles, and internal-use software capitalization.
Fair Value Measurement
Three-level hierarchy for fair value inputs. Level 1 (quoted prices) through Level 3 (unobservable inputs).
Stock Compensation
Equity-classified vs. liability-classified awards. Black-Scholes inputs, vesting schedules, and modification accounting.
Statement of Cash Flows
Direct vs. indirect method, operating/investing/financing classification, and non-cash disclosure requirements.
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ASC 842 Lease Commencement
Deferred Revenue Recognition
Fixed Asset Depreciation
Goodwill Impairment Write-Down
Payroll Tax Accrual
Stock-Based Compensation Expense
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