RP-2018-44, corporate methods of accounting
Internal Revenue Service (IRS) sent this bulletin at 08/22/2018 02:04 PM EDT
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Issue Number: RP-2018-44Inside This IssueRevenue Procedure 2018-44 modifies Rev. Proc. 2018-31, 2018-22 I.R.B. 637, to provide that an eligible terminated S corporation, as defined in § 481(d)(2), that is required to change from the overall cash method to an overall accrual method of accounting as a result of a revocation of its S corporation election, and that makes this method change for the C corporation’s first taxable year after such revocation, takes into account the resulting § 481(a) adjustment ratably during the six-year period beginning with the year of change. This revenue procedure also provides that an eligible terminated S corporation that is permitted to continue to use the cash method after the revocation of its S corporation election and that changes to an overall accrual method for the C corporation’s first taxable year after such revocation, may take into account the resulting § 481(a) adjustment ratably during the six-year period beginning with the year of change. Revenue Procedure 2018-44 will be in IRB 2018-37, dated 9/10/18. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |