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August 10, 2018

2018 – 08/07

The IRS has updated automatic accounting method changes to reflect the Tax Cuts and Jobs Act (TCJA). Revenue Procedure 2018-40 provides procedures by which a small business taxpayer may obtain automatic consent to change its method of accounting to a new method established under the TCJA. The method increases the availability of the cash method of accounting and eases qualification for the small business exception to certain accounting rules. The new Rev. Proc. is generally effective for tax years beginning after 12/31/17. Contact us about your situation.

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