Page 549 - Large Business IRS Training Guides

Notice 2018-35

• Allows taxpayers to continue to rely on Rev. Proc.

2004-34 for their treatment of advance payments

until such guidance is effective;

• Provides that the Service intends to issue guidance

for the treatment of advance payments under IRC §

451(c); and

• Requests comments regarding issues concerning

advance payments, with a focus on guidance

regarding the definition and requirement of AFS.

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