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Did the IRS recently issue new administrative authority in connection to accounting method changes?

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Peter J. Scalise
Yes, on Friday, January 16th of 2015, the Internal Revenue Service issued new administrative guidance in connection to accounting method changes.

Revenue Procedure 2015-13 updates and revises the general procedures under I.R.C. § 446(e) and Treas. Reg. § 1.446-1(e) of the Income Tax Regulations to obtain the consent of the Commissioner of Internal Revenue (hereinafter “Commissioner”) to change a method of accounting for federal income tax purposes. More specifically, this 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 described in Rev. Proc. 2015-14, 2015-5 I.R.B., (or successor) (List of Automatic Changes).

Revenue Procedure 2015-14 provides the List of Automatic Changes to which the automatic change procedures in Rev. Proc. 2015-13, 2015-5 I.R.B., (or successor) apply. The definitions in section 3 of Rev. Proc. 2015-13 apply to this revenue procedure.

It should be duly noted that both Revenue Procedures are scheduled to be published within the Internal Revenue Bulletin 2015-5, dated February 2nd of 2015.

For complete legislative updates from Capitol Hill and coverage of the latest statutory, administrative, and judicial interpretations please follow Peter J. Scalise at:

http://pragermetis.com/about-us/our-team/peter-j-scalise ;

www.taxconnections.com/profile/Peter-J-Scalise/12259077 ;

www.ishade.com/member/14683/profile ;

http://ireport.cnn.com/people/PJSontheHill?viewingAsOthers=true; &

www.cpaacademy.org/instructors/003C000001YxXo5IAF
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