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TREAS/IRS | RIN: 1545-BP53 | Publication ID: Spring 2021 |
Title: Small Business Taxpayer Exceptions Under Sections 263A, 448, 460 and 471 | |
Abstract:
The final regulations issued on January 5, 2021 implemented legislative changes under sections 263A, 448, 460 and 471 for small business taxpayers. These legislative changes increase the gross receipts test amount for eligibility to use the cash receipts and disbursements method of accounting and provide an exemption from the requirements to apply certain methods of accounting for inventories, cost capitalization and long-term contracts. As published on January 5, 2021, the final regulations contain non-substantive errors that need to be corrected. |
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Agency: Department of the Treasury(TREAS) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
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 Drafter attorney: Anna Gleysteen (202) 317-7007 Reviewer 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 |