The Tax Cuts and Jobs Act, TCJA enacted in December 2017 expands the number of small business eligible to use the cash method of accounting and exemptions businesses may qualify for; such as exemptions from certain accounting rules for inventories, cost capitalization and long-term contracts. The IRS has recently released the Revenue Procedure which outlines the process to determine eligibility and applicable exemptions. Please be sure to speak to a tax professional for eligibility.
Click here for a complete copy of the IRS announcement.