Internal Revenue Service July 15, 2019 – Federal Register Recent Federal Regulation Documents

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Regulations Regarding Advance Payments for Goods and Long-Term Contracts

Document Number: 2019-14947

Type: Rule

Date: 2019-07-15

Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury

This document contains final regulations that streamline IRS regulations by removing regulations that are no longer necessary after the enactment of recent tax legislation. Specifically, these final regulations remove existing regulations regarding advance payments for goods and long-term contracts. These final regulations affect accrual method taxpayers who receive advance payments for goods, including those for inventoriable goods.

https://regulations.justia.com/regulations/fedreg/2019/07/15/2019-14947.html