IRS Finalizes Changes Related to Revenue Recognition

Thoughtware Alert Published: Feb 03, 2021
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On December 21, 2020, the U.S. Treasury Department and the IRS released the final regulations under Internal Revenue Code Section 451 implementing the amendments by the Tax Cuts and Jobs Act for determining the taxable year in which an amount must be reported as gross income on a taxpayer’s return. This article provides details on the regulations.

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