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U.S. IRS Issues Proposed Regulations for TCJA's Simplified Tax Accounting Rules for Small Businesses

|Approved Changes|United States
United States

The U.S. IRS has announced the issuance of proposed regulations for the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA). The regulations have been submitted to the Office of the Federal Register for placement and official publication. Although not final, a taxpayer may rely on the proposed regulations, provided that the taxpayer follows all the applicable rules contained in the proposed regulations for each Code provision that the taxpayer chooses t…

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