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IRS releases guidance to taxpayers for changing accounting methods to conform to financial accounting revenue recognition standards

On May 10, 2018, the IRS released Revenue Procedure 2018-29 (hereinafter Rev. Proc. 2018-29) to provide new, automatic procedures for taxpayers changing

How Do the New Revenue Recognition Rules Impact Tax?

Most companies are aware of the new Accounting Standards Update for revenue recognition related to when revenue from contracts with customers for goods