The U.S. IRS and Treasury have issued the final regulations (TD 9941) on Taxable Year of Income Inclusion Under an Accrual Method of Accounting and Advance Payments for Goods, Services, and Other Items. The regulations were initially published in the Federal Register on 6 January 2021 and subsequently corrected by documents published 8 January 2021 and 14 January 2021, which include corrections to certain dates. The final regulations generally apply for taxable years beginning on or after 1 January 2021, although taxpayers and their related parties may apply the rules, in their entirety and in a consistent manner, to a...