# Small Business Taxpayer Exceptions Under Sections 263A, 448, 460 and 471
> **IRS** · Final regulations. · Published 2021-01-05 · Effective 2021-01-05 · 86 FR 254
## Document
- **Document number:** 2020-28888
- **Category:** tax-irs
- **Sub-agency:** IRS
- **Federal Register citation:** 86 FR 254
- **CFR reference:** 26 CFR 1
- **Publication date:** 2021-01-05
- **Effective date:** 2021-01-05
- **Treasury docket:** TD 9942
## Abstract

This document contains final regulations to implement legislative changes to sections 263A, 448, 460, and 471 of the Internal Revenue Code (Code) that simplify the application of those tax accounting provisions for certain businesses having average annual gross receipts that do not exceed $25,000,000, adjusted for inflation. This document also contains final regulations regarding certain special accounting rules for long-term contracts under section 460 to implement legislative changes applicable to corporate taxpayers. The final regulations generally affect taxpayers with average annual gross receipts of not more than $25 million, as adjusted for inflation.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2021/01/05/2020-28888/small-business-taxpayer-exceptions-under-sections-263a-448-460-and-471)
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