IRS Final Regulations on Timing of Income Recognition Provide Much-Needed Clarity, But Leave Some Questions Unanswered
By EsqSocial Corporation 12/01/21
On December 21, 2020, the Treasury Department (Treasury) and the IRS released final regulations (Regulations) under Section 451 for determining the taxable year in which an amount must be reported as gross income on the taxpayer’s return. The Regulations implement amendments by the Tax Cuts and Jobs Act of 2017 (the TCJA) to Section 451 to......
By: Skadden, Arps, Slate, Meagher & Flom LLP