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TREAS/IRS | RIN: 1545-BO78 | Publication ID: Fall 2020 |
Title: Guidance on New Section 451(c) | |
Abstract:
This regulation provides rules under section 451(c), which generally permits an accrual method taxpayer to defer advance payments for goods and services to the extent that the advance payment received is not recognized as revenue in an applicable financial statement in the year the payment is received. Any remaining portion of such advance payment is recognized in gross income in the taxable year following the taxable year in which such payment is received. Section 451(c) also codifies much of the treatment of advance payments under Rev. Proc. 2004-34 and permits the allocation of the transaction price to performance obligations if consistent with applicable financial statements. |
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Agency: Department of the Treasury(TREAS) | Priority: Economically Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Yes | Unfunded Mandates: No |
EO 13771 Designation: Other | |
CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 26 U.S.C. 7805(a) 26 U.S.C. 451(c) |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-104554-18 Drafter attorney: Jo Lynn Ricks (202) 317-4615 Reviewer attorney: David M. Christensen (202) 317-4861 Treasury attorney: Wendy Friese (202) 622-5721 and Timothy Powell (202) 923-8059 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: Jo Lynn Ricks Attorney-Advisor Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Washington, DC 20224 Phone:202 317-4615 Fax:855 576-2335 Email: jolynn.l.ricks@irscounsel.treas.gov |