The IRS and Treasury have released proposed regulations under Section 451(b) and separate proposed regulations under Section 451(c). The proposed regulations provide rules for accrual-method taxpayers on the timing of recognizing income under the all-events test and on deferring recognition of certain advance payments. PwC will publish a detailed analysis of the proposed regulations within the coming days. PwC professionals will discuss the proposed regulations in an upcoming Tax Readiness series webcast.
Specialized Tax Services Leader, PwC US