Law360 (January 1, 2020, 12:04 PM EST) -- From regulations on accrual accounting and income recognition to the tax treatment of advance payments and whether non-revenue-generating companies can conduct tax-free spinoffs, the IRS and Treasury will be tackling several significant tax regulations in 2020.
Here, Law360 examines federal tax regulations that practitioners should monitor in the new year.
The Internal Revenue Service in 2020 likely will finalize rules on income recognition in response to Congress' statutory attempt to simplify accounting for businesses.
Under the Tax Cuts and Jobs Act, Congress changed Section 451(b) of the tax code to require businesses to match information on a financial statement to the...
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