![]() 5, 2021, and generally apply to taxable years beginning on or after such date, although taxpayers may early adopt the regulations for taxable years beginning after Dec. The IRS also recently released Revenue Procedure 2022-09, which updates the automatic accounting method change guidance to provide procedures for taxpayers to comply with the final regulations under IRC Sections 263A, 448, 460, and 471. The tax-exempt income must be included as additional gross receipts, which could cause a taxpayer to fail the gross receipts test for a certain tax year. Taxpayers applying the guidance under Revenue Procedure 2021-48 may report tax-exempt income from PPP loan forgiveness on a timely filed original or amended federal income tax return, information return, or administrative adjustment request, as appropriate.
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