INCOME TAX

REG-104554-18, page 737. This document contains proposed regulations regarding the timing of income inclusion under section 451 of the Internal Revenue Code of advance payments for goods, services, and certain other items. The proposed regulations reflect

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changes made by the Tax Cuts and Jobs Act. These proposed regulations affect taxpayers that use an accrual method of accounting and receive advance payments.

REG-104870-18, page 754. This document contains proposed regulations regarding the timing of income inclusion under section 451 of the Internal Revenue Code. The proposed regulations reflect changes made by the Tax Cuts and Jobs Act. These proposed regulations affect taxpayers that use an accrual method of accounting and have an applicable financial statement.

REV. PROC. 2019-37, page 731. This revenue procedure modifies Rev. Proc. 2018-31, 201822 I.R.B. 637, to provide procedures under section 446 and the accompanying regulations to obtain automatic consent of the Commissioner of Internal Revenue to change methods of accounting to comply with sections 451 and the proposed regulations under sections 1.451-3 and 1.451-8.