This notice of proposed rulemaking proposes to streamline IRS regulations by removing regulations that are no longer necessary after the enactment of recent tax legislation. Specifically, these regulations would remove existing regulations regarding advance payments for goods and long-term contracts. The regulations would affect accrual method taxpayers who receive advance payments for goods, including those for inventoriable goods.
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Removal of Regulations on Advance Payments for Goods and Long-Term Contracts
This notice of proposed rulemaking proposes to streamline IRS regulations by removing regulations that are no longer necessary after the enactment of recent tax legislation. Spe...
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83 FR 51904
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“Removal of Regulations on Advance Payments for Goods and Long-Term Contracts,” thefederalregister.org (October 15, 2018), https://thefederalregister.org/documents/2018-22025/removal-of-regulations-on-advance-payments-for-goods-and-long-term-contracts.