On 3 August 2018, the U.S. IRS published Rev. Proc. 2018-40 on the procedures by which a small business taxpayer may obtain automatic consent to change to the cash receipts and disbursements method of accounting (cash method) as permitted under the Tax Cuts and Jobs Act. --- WASHINGTON – The Internal Revenue Service issued guidance today on new tax law changes that allow small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting. The Revenue Procedure outlines the process that eligible small business taxpayers may...