IRC conformity
In accounting, IRC conformity means how a state's income tax adopts the federal Internal Revenue Code — rolling (as currently amended), fixed-date (as of a stated date, updated by legislation) or selective. A fixed-date state may not follow §174A, bonus depreciation or other recent federal changes.
- Layer
- Lexicon
- Defined in
- Lexicon
- Also called
- Conformity date
- Nearby
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Not a rule
State law — not codified in GAAP. US GAAP governs recognition, measurement and presentation — not the mechanics a bookkeeper uses to get there. Anyone citing a standard for this word is citing the wrong thing.
Every citation in this system, with the text we read and the date we checked it, is in US GAAP and where these rules come from.
What it is not called
Each of these is a real word for a different thing. Using it here is what makes a product read as though it was built by someone who has not done the work.
- federal taxable income unqualified
Nearby in the catalog
No component names this concept outright. These are the ones in its part of the system, which is a weaker claim — but a component nothing links to is a component nobody finds.
Terms this one depends on
- Bonus depreciationAdditional first-year tax depreciation under §168(k) — 100%, permanently, for qualified property acquired after 19 January 2025 under the OBBBA. Not limited to taxable income, so it can create an NOL; book depreciation is unaffected, creating a temporary difference
- DepreciationSpreading the cost of a fixed asset over the periods it serves
- RevenueInflows or enhancements of assets, or settlements of liabilities, from delivering goods or services — recognized when control transfers, not when cash arrives
- As atThe point-in-time label for a balance sheet
Also in Tax
Defined in Lexicon. This page is generated from that document, so the two cannot disagree.