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Funeral Industry Urges IRS to Ease New Accounting Rules

Dec. 10, 2019, 6:43 PM

The funeral industry wants the IRS to loosen proposed accounting rules for certain businesses that record payments for goods and services before they are provided.

In September, the IRS released proposed rules (REG-104870-18) for a requirement in the 2017 tax law that companies recognize revenue for tax purposes no later than they recognize it on their financial statements. The tax code Section 451(b) rules lay out what kinds of revenue have to be accelerated for tax purposes and when.

Commenters asked the government to make exceptions for some forms of revenue and allow these businesses to recognize ...

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