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TREAS/IRS | RIN: 1545-BP53 | Publication ID: Spring 2020 |
Title: ●Small Business Taxpayer Exceptions Under Sections 263A, 448, 460 and 471 | |
Abstract:
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. |
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Agency: Department of the Treasury(TREAS) | Priority: Other Significant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Other | |
CFR Citation: 26 CFR 1.263A 26 CFR 1.460 26 CFR 1.448 26 CFR 1.471 | |
Legal Authority: 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 ... |
Legal Deadline:
None |
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Timetable:
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Additional Information: 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 | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Anna Gleysteen Attorney Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Washington, DC 20024 Phone:202 317-4646 Fax:855 576-2340 Email: anna.w.gleysteen@irscounsel.treas.gov |