The IRS is finally getting around to issuing guidance around some of the tax law changes enacted last December.  A recent revenue procedure gives guidance for corporations that change their tax status from S to C.  It also gives guidance on both required and voluntary changes in their method of accounting from cash basis to accrual.  Given the number of clients considering a change in their tax status due to the new tax law, this guidance will be crucial.

https://www.accountingtoday.com/news/irs-offers-guidance-on-switching-from-s-to-c-corporation-status?utm_campaign=daily

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