IRS Prop. Reg.: Small Business Taxpayer Exceptions Corrected (IRC §263A)

Small business exception proposed regulations corrected by the IRS September 16. The proposed regulations would simplify the application of tax accounting provisions under tax code Section 263A, Section 448, Section 460, and Section 471 for certain businesses having average annual gross receipts that do not exceed $25,000,000, adjusted for inflation. One correction changes a regulation cross reference and a second adds a missing word to Proposed Treasury Regulations Section 1.460-3(b)(3)(ii)(B) (changing “receipts the” to read “receipts of the”), the IRS stated. [REG-132766-18, RIN 1545-BP53, 85 Fed. Reg. __ (Sept. 18, 2020)]

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