Search Results for keywords:"advance payments"

Found 3 results

Search Results: keywords:"advance payments"

💰 Only
Oldest Newest
  • 2025-04019 — Information Collection; Certain Federal Acquisition Regulation Part 32 Requirements
    Type:Notice
    Citation:90 FR 11979
    Reading Time:about 12 minutes

    The Department of Defense (DoD), General Services Administration (GSA), and National Aeronautics and Space Administration (NASA) are seeking public comments on continuing the information collection related to specific Federal Acquisition Regulation (FAR) part 32 requirements. They are interested in understanding whether the collection of this data is necessary and how it can be improved or streamlined. These requirements involve various financial and contract management aspects, including advance payments, proper invoicing, and electronic funds transfers, among others. The Office of Management and Budget (OMB) has approved the existing collection until July 31, 2025, and the agencies are proposing to extend this approval for another three years.

    Simple Explanation

    The government is asking people what they think about some rules for buying things to make sure they are helpful and not too much work. They want to keep using these rules longer and are asking for ideas on how to make them easier to understand and use.

  • 2020-28653 — Taxable Year of Income Inclusion Under an Accrual Method of Accounting and Advance Payments for Goods, Services, and Other Items
    💰
    Type:Rule
    Citation:86 FR 810
    Reading Time:about 5 hours

    The Treasury Department and Internal Revenue Service have issued final regulations addressing how certain taxpayers should report income and advance payments under an accrual method of accounting. These regulations, influenced by the Tax Cuts and Jobs Act, require that income be reported no later than when it is recorded in a taxpayer’s financial statement. The regulations also allow some taxpayers to defer reporting income from advance payments to the next taxable year, provided it matches the company's financial statement treatment. These rules aim to ensure consistency between tax reporting and financial accounting.

    Simple Explanation

    The Treasury Department and IRS made new rules so that businesses who keep track of money they earn and spend can do it in a way that matches their financial reports, especially when they get money before doing the work. This helps everything line up nicely and makes it fair when they say how much they earned.

  • C1-2020-28653 — Taxable Year of Income Inclusion Under an Accrual Method of Accounting and Advance Payments for Goods, Services, and Other Items
    Type:Rule
    Citation:86 FR 1256
    Reading Time:less than a minute

    In the Federal Register document 86 FR 1256, a correction was made to a previously published rule by the Treasury Department and the Internal Revenue Service. The correction involves the DATES section of the rule initially issued on January 6, 2021, where the date "December 31, 2021" should be corrected to "December 31, 2020". This change ensures the accurate representation of the document's originally intended deadline.

    Simple Explanation

    In a rule by the Treasury Department and IRS, they made a small but important fix to a date, changing "December 31, 2021" to "December 31, 2020", to make sure everything is correct.