IRS Hopes to Finish Accounting Rules By End of Fiscal Year

March 5, 2020, 9:37 PM

The IRS is trying to wrap up two packages of accounting rule changes by the end of the fiscal year, an official said.

One package is a set of final rules under tax code Section 451(b), which address a 2017 tax law requirement that companies recognize revenue for tax purposes no later than they recognize it on their financial statements. The other is final advance payment rules under Section 451(c) that allow companies to defer—for up to one year—taxes on payments they receive in advance of delivering goods or services.

John Moriarty, associate chief counsel at the ...

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