IRS issues guidance on small business accounting method changes under Tax Cuts and Jobs Act

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November 12, 2018

iRS issues guidance on small business accounting method changes under Tax Cuts and Jobs Act iR-2018-160, Aug. 3, 2018   WASHiNGTON – The internal Revenue Service issued guidance today on new tax law changes that allow small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to […]

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IRS issues guidnce on smll business ccounting method chnges under Tx Cuts nd Jobs ct

IR-2018-160, ug. 3, 2018
 
WSHINGTON – The Internl Seice issu guidnce tody on tx lw chnges tht llow smll business txpyers with verge nnul gross receipts of $25 million or less in the prior three-yer period to use the csh method of ccounting.
 
The Revenue Procedure outlines the process tht elible smll business txpyers my use to obtin utomtic consent to chnge ccounting methods tht re now permitt under the Tx Cuts nd Jobs ct, or TCJ.
 
The TCJ, enct in December 2017, expnds the number of smll business txpyers elible to use the csh method of ccounting nd exempts these smll businesses from certin ccounting rules for inventories, cost cpitliztion nd long-term contrcts.  s result, more smll business txpyers will be llow to chnge to csh method ccounting strting fter Dec. 31, 2017.
 
The Deprtment of the Tresury nd the Internl Seice welcome public comments on future guidnce. For detils on submitting comments, see the Revenue Procedure.

IR-2018-160, ug. 3, 2018
 
WSHINGTON – The Internl Seice issu guidnce tody on tx lw chnges tht llow smll business txpyers with verge nnul gross receipts of $25 million or less in the prior three-yer period to use the csh method of ccounting.
 
The Revenue Procedure outlines the process tht elible smll business txpyers my use to obtin utomtic consent to chnge ccounting methods tht re now permitt under the Tx Cuts nd Jobs ct, or TCJ.
 
The TCJ, enct in December 2017, expnds the number of smll business txpyers elible to use the csh method of ccounting nd exempts these smll businesses from certin ccounting rules for inventories, cost cpitliztion nd long-term contrcts.  s result, more smll business txpyers will be llow to chnge to csh method ccounting strting fter Dec. 31, 2017.
 
The Deprtment of the Tresury nd the Internl Seice welcome public comments on future guidnce. For detils on submitting comments, see the Revenue Procedure.

on the implementtion of the TCJ cn be found on the Tax Reform page of IRS.gov.
 

on the implementtion of the TCJ cn be found on the Tax Reform page of IRS.gov.
 


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