IRS Accounting Rule Changes Head to White House Review

The White House’s regulatory review office has begun reviewing a set of accounting rule changes spurred by the 2017 tax overhaul.

The package covers tax code Section 451(b), which addresses a 2017 tax law requirement that companies recognize revenue for tax purposes no later than they recognize it in their financial statements.

• The Office of Information and Regulatory Affairs received the rules on Tuesday, according to its website.
• The IRS released the proposed 451(b) rules (REG-104870-18; RIN: 1545-BO68) in September 2019.