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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 

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.

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
Action Date FR Cite
NPRM  08/05/2020  85 FR 47508   
NPRM Comment Period End  09/14/2020 
Final Regulations (TD 9942)  01/05/2021  86 FR 254   
Final Regulations Effective  01/05/2021 
Final Regulations; Correction (TD 9942)  05/00/2021 
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
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20024
Phone:202 317-7007