Finance & markets · 14/01/2021Updated: 10/17/2026 · 1 min read
Taxable Year of Income Inclusion Under an Accrual Method of Accounting and Advance Payments for Goods, Services, and Other Items
Summary
The IRS has announced a new rule requiring businesses to include advance payments for goods and services in their taxable income under an accrual method of accounting, effective for tax years starting January 1, 2024.
Original source language: Federal Register — Department of the TreasuryOpen original release →