Eversheds Sutherland Tax Reform Law Blog
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Legal Alert: Rev. Proc. 2021-34, IRS guidance for implementing the final Section 451 regulations

On August 12, 2021, the IRS released Rev. Proc. 2021-34, setting forth procedural guidance to implement the final Section 451 regulations (Final Regulations). In a lengthy 70-page piece of guidance, the revenue procedure not only provides accounting method changes and the terms and conditions to comply with the Final Regulations by its effective date, (tax years beginning on or after...