KPMG report: Extended income recognition deferral for “specified goods”
Extended income recognition deferral, “specified goods"
Under a special rule for advance payments for “specified goods,” taxpayers can defer including those payments in gross income for at least two years.
Depending on a taxpayer’s circumstances, this deferral treatment could simply be good news or inadvertently affect tax planning in other areas.
Read a February 2020 report [PDF 102 KB] prepared by KPMG LLP: What’s News in Tax: Extended income recognition deferral for “specified goods”
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