IRS Carves Back TCJA Inventory Relief
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Close study of the Tax Cuts and Jobs Act appeared to give a fantastic break to businesses with less than $25 million in gross receipts. It appeared that they could change accounting methods and write off their inventories. Lucien Gauthier of the Boston Tax Institute promoted the concept, as I explained in Tax Cut Bonanza For Retailers And Wholesalers in December of 2018. (Full disclosure I am on the faculty of the Boston Tax Institute.)
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