On 3 August 2018, the U.S. IRS published Rev. Proc. 2018-40 on the procedures by which a small business taxpayer may obtain automatic consent to change to the cash receipts and disbursements method of accounting (cash method) as permitted under the Tax Cuts and Jobs Act.
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WASHINGTON – The Internal Revenue Service issued guidance today on new tax law changes that allow small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use…