Rev. Proc. 2021-9, page 485.

This revenue procedure provides a safe harbor that allows a trade or business that manages or operates a qualified residential living facility to be treated as a real property trade or business solely for purposes of qualifying as an electing real property trade or business under section 163(j)(7)(B) of the Internal Revenue Code.

T.D. 9939, page 376. These final regulations provide guidance under section 274 of the Internal Revenue Code (Code) regarding certain amendments made to section 274 by the Tax Cuts and Jobs Act of 2017 (TCJA). These final regulations address the elimination of the deduction under section 274 for expenses related to certain transportation and commuting benefits provided by employers to their employees. The final regulations provide guidance to determine the amount of such expenses that is nondeductible and apply certain exceptions under section 274(e) that may allow such expenses to be deductible.

These final regulations affect taxpayers who pay or incur such expenses.

T.D. 9941, page 396. This Treasury Decision provides final rules regarding the timing of income inclusion for accrual method taxpayers with an applicable financial statement, and the treatment of advance payments resulting from the 2017 enactment of the Tax Cuts and Jobs Act (TCJA). The Treasury Decision provides general rules on the timing of income inclusion, including key definitions and guidance on calculating the amount of the inclusion. The Treasury Decision also provides rules regarding cost offsets that apply in certain contexts.

T.D. 9942, page 450. This document contains final regulations to implement legislative changes to sections 263A, 448, 460, and 471 of the Internal Revenue Code (Code) that simplify the application of those tax accounting provisions for certain businesses having average annual gross receipts that do not exceed $25 million, adjusted for inflation. This document also contains final regulations regarding certain special accounting rules for long-term contracts under section 460 to implement legislative changes applicable to corporate taxpayers. The final regulations generally affect taxpayers with average annual gross receipts of not more than $25 million (adjusted for inflation).