On September 6, 2019, nearly concurrently with the issuance of proposed regulations under sections 451(b) and (c), the IRS and Treasury issued Rev. Proc. 2019-37, long-awaited administrative guidance regarding the new income recognition and advance payment rules. Since the TCJA’s changes to the historic income recognition and advance payment rules, taxpayers have been hopeful for administrative guidance to provide clarity regarding the implementation of the new rules.
In this Bottom Line videocast, Ellen McElroy and Mike Resnick discuss:
- the automatic accounting method changes provided by Rev. Proc. 2019-37
- critical aspects of the new guidance that taxpayers need to pay particular attention to in changing their applicable methods of accounting
Click here to view the video.