The Internal Revenue Service has issued newly updated procedures for changing a business’s method of accounting for income tax purposes.
Revenue Procedure 2015-13, released Friday, updates and revises the general procedures under Section 446(e) of the Tax Code and Section 1.446-1(e) of the Income Tax Regulations to obtain the consent of the IRS commissioner to change a method of accounting for federal income tax purposes.
Specifically, the new revenue procedure provides the general procedures to obtain the advance (non-automatic) consent of the commissioner to change a method of accounting and provides the procedures to obtain the automatic consent of the commissioner to change a method of accounting.
Another document issued by the IRS on Friday, Revenue Procedure 2015-14, provides the List of Automatic Changes to which the automatic change procedures in Rev. Proc. 2015-13, 2015-5 Internal Revenue Bulletin (or its successor), apply.
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