IRS provides welcome flexibility and clarification in final small business tax accounting regulations
By EsqSocial Corporation 30/12/20
On Wednesday, December 23, Treasury and the IRS released final regulations under sections 263A, 448, 460, and 471 of the Internal Revenue Code (Code) to implement statutory changes made by the Tax Cuts and Jobs Act (the TCJA). The TCJA expanded the base of taxpayers qualifying for favorable small business accounting method reform and provided a simplified accounting method change filing requirement for years beginning after December 31, 2017....
By: Eversheds Sutherland (US) LLP