The final section 263A regulations released on November 19, 2018 address the treatment of “negative adjustments” in computing the amount of additional 263A costs that are allocated to ending inventory for federal tax purposes. The regulations also include broad new rules that define the types of direct costs that must be included in book inventory under the simplified methods. The IRS and Treasury have released Revenue Procedure 2018-56 which allows taxpayers to adopt the final regulations under Section 263A.
KPMG LLP (KPMG) is pleased to invite you to a TaxWatch Webcast that will discuss the final regulations under section 263A. Eric Lucas, James Atkinson, Jessica Blair Theilken, and Scott Vance from KPMG’s Washington National Tax practice will discuss: