A Cliff Notes Edition of Rev. Proc. 2021-34 to Assist Taxpayers in Considering Income Recognition Method Changes

In this webcast, the presenters discuss the latest procedural guidance released by the IRS to assist taxpayers in considering and implementing the Final Regulations under Sections 451(b) and (c). Released amidst the flurry of filing season, Rev. Proc. 2021-34 provides taxpayers with ample opportunity not only to comply with the Final Regulations in 2021, but also early adopt them on their 2020 returns. This webinar provides not only an overview of the guidance and its various procedural nuances, but also best practices to ensure taxpayers, whether early adopting in 2020 or considering their 2021 returns, fully consider and evaluate the implications of the newly-provided method changes.