1545-BP53 202004 Unified Agenda of Federal Regulatory and Deregulatory Actions 1545 Internal Revenue Service IRS 1500 Department of the Treasury TREAS Small Business Taxpayer Exceptions Under Sections 263A, 448, 460 and 471

The Tax Cuts and Jobs Act (TCJA) (Pub. L. 115-97) amended 26 U.S.C. 263A, 448, 460 and 471 for small business taxpayers, increasing the gross receipts test amount for eligibility to use the cash receipts and disbursements method of accounting and providing an exemption from the requirements to apply certain methods of accounting for inventories, cost capitalization and long-term contracts. The regulations under these Code sections will be amended to incorporate and provide guidance on these TCJA statutory changes.

]]> Other Significant First Time Published in The Unified Agenda Proposed Rule Stage No No Other 26 CFR 1.263A 26 CFR 1.460 26 CFR 1.448 26 CFR 1.471 26 U.S.C. 7805 26 U.S.C. 263A 26 U.S.C. 460 26 U.S.C. 448 26 U.S.C. 471 ... No NPRM 06/00/2020 REG-132766-18 (NPRM) Drafting attorney: Anna Gleysteen (202) 317-7007 Reviewing attorney: Cheryl Oseekey (202) 317-4665 Treasury attorney: Wendy Friese (202) 622-5721 CC:ITA No Businesses None No No No No Anna Gleysteen Attorney 1545 Internal Revenue Service IRS 202 317-4646 855 576-2340 anna.w.gleysteen@irscounsel.treas.gov 1111 Constitution Avenue NW., Washington DC 20024