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More Guidance on IRS Revenue Recognition Rules Coming Soon

March 5, 2021, 8:10 PM

The IRS is “actively” working on procedural guidance to help taxpayers apply final regulations dealing with a key revenue accounting change in the 2017 tax overhaul law, an IRS official said Friday.

Guidance related to the rules—T.D. 9941; RIN: 1545-BO68 and 1545-BO78—which address tax code Sections 451(b) and 451(c), should be out soon, said Charles Gorham, special counsel in the IRS Office of Chief Counsel.

“As you know, there are a lot of priorities at IRS right now and Treasury and I can’t really give you any details on timing,” Gorham said at a virtual tax ...

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