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B-332838 1 (2021-01-14)

handle is hein.gao/gaobaeckk0001 and id is 1 raw text is: G & 0 U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332838 January 14, 2021 The Honorable Chuck Grassley Chairman The Honorable Ron Wyden Ranking Member Committee on Finance United States Senate The Honorable Richard Neal Chairman The Honorable Kevin Brady Ranking Member Committee on Ways and Means House of Representatives Subject: Department of the Treasury, Internal Revenue Service: Taxable Year of Income Inclusion Under an Accrual Method of Accounting and Advance Payments for Goods, Services, and Other Items Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Internal Revenue Service (IRS) entitled Taxable Year of Income Inclusion Under an Accrual Method of Accounting and Advance Payments for Goods, Services, and Other Items (RINs: 1545-B068, 1545-B078). We received the rule on January 4, 2021. It was published in the Federal Register as final regulations on January 6, 2021. 86 Fed. Reg. 810. The stated effective date of the rule is December 30, 2020. According to IRS, the final rule relates to the timing of income inclusion under an accrual method of accounting, including the treatment of advance payments for goods, services, and certain other items. IRS stated the final rule reflects changes made by the law commonly known as the Tax Cuts and Jobs Act, Pub. L. No. 115-97, 131 Stat. 2054 (Dec. 22, 2017), and affects taxpayers that use an accrual method of accounting and have an applicable financial statement. IRS also stated the final rule affects taxpayer that use an accrual method of accounting and receive advance payments. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). The 60-day delay in effective date can be waived, however, if the agency finds for good cause that delay is impracticable, unnecessary, or contrary to the public interest, and the agency incorporates a statement of the findings and its reasons in the rule issued. 5 U.S.C. § 808(2). IRS determined it had good cause because an

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