The IRS expects to have limited personnel available to process public comments that are submitted on paper through mail. Once submitted to the Federal eRulemaking Portal, comments cannot be edited or withdrawn. Submit electronic submissions via the Federal eRulemaking Portal at (indicate IRS and REG-132766-18) by following the online instructions for submitting comments. ADDRESSES:Ĭommenters are strongly encouraged to submit public comments electronically. Written or electronic comments or a request for a public hearing must be received by September 14, 2020. Additionally, this document contains a request for comments regarding the application of section 460 (or other special methods of accounting) to a contract with income that is accounted for in part under section 460 (or other special method) and in part under section 451. The proposed regulations generally affect taxpayers with average annual gross receipts of not more than $25 million (adjusted for inflation). This document also contains proposed regulations regarding certain special accounting rules for long-term contracts under section 460 to implement legislative changes applicable to corporate taxpayers. This document contains proposed regulations to implement legislative changes to sections 263A, 448, 460, and 471 of the Internal Revenue Code (Code) that simplify the application of those tax accounting provisions for certain businesses having average annual gross receipts that do not exceed $25,000,000, adjusted for inflation. Internal Revenue Service (IRS), Treasury. Comments and Requests for a Public Hearing.Duplicate, Overlapping, or Relevant Federal Rules Projected Reporting, Recordkeeping, and Other Compliance Requirements Statement of Availability of IRS Documents.Section 451 Allocation of Transaction Price Treatment of Inventory by Taxpayers Without an AFS Types and Amounts of Costs Reflected in an AFS Treatment of Inventory for an AFS Taxpayer Direct Labor and Overhead Costs for Section 471(c) Materials and Supplies Identification and Valuation of Section 471(c) Materials and Supplies De Minimis Safe Harbor Under § 1.263(a)-1(f) Definition of the Term “Used and Consumed” Treatment of Inventory as Non-Incidental Materials and Supplies Application of the Section 448(c) Gross Receipts Test to Taxpayers Other Than a Corporation or Partnership Section 471 Small Business Taxpayer Exemption Clarification of Method of Accounting Rules Application of the Section 448(c) Gross Receipts Test and Rules Applicable to Taxpayers Other Than a Corporation or Partnership Changes to the Regulations Under Section 460 Procedures for Taxpayers Required To Change From the Cash Method Tax Shelters Defined in Section 448(d)(3) General Rules of Section 448(c) and Section 448(c) Gross Receipts Test Changes to the Regulations Under Section 448 Costing Rules for Self-Constructed Assets Changes to § 1.263A-4 for Farming Trades or Businesses Changes to the Uniform Interest Capitalization Rules Application of Section 448(c) Gross Receipts Test to Taxpayers That Are Not Corporations or Partnerships Section 263A Small Business Taxpayer Exemption This repetition of headings to form internal navigation links Headings within the legal text of Federal Register documents. This table of contents is a navigational tool, processed from the Provide legal notice to the public or judicial notice to the courts. Rendition of the daily Federal Register on does not Until the ACFR grants it official status, the XML Legal research should verify their results against an official edition of The official SGML-based PDF version on, those relying on it for The material on is accurately displayed, consistent with While every effort has been made to ensure that Regulatory information on with the objective ofĮstablishing the XML-based Federal Register as an ACFR-sanctioned The OFR/GPO partnership is committed to presenting accurate and reliable Register (ACFR) issues a regulation granting it official legal status.įor complete information about, and access to, our official publications Informational resource until the Administrative Committee of the Federal This prototype edition of theĭaily Federal Register on will remain an unofficial Each document posted on the site includes a link to theĬorresponding official PDF file on. The documents posted on this site are XML renditions of published Federal Register, and does not replace the official print version or the official It is not an official legal edition of the Federal This site displays a prototype of a “Web 2.0” version of the dailyįederal Register.
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