Did the IRS recently issue new administrative authority in connection to accounting method changes?
Tax Professional Answers
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:
Tax Questions By Topic:
Meet Leading Tax Advisors
Bossier City, Louisiana, USA
Enrolled Agent, Master Tax Advisor
New York, New York, USA
Federal Tax Credits & Incentives Practice Leader
Lakeland, Florida, USA
Denver, Colorado, USA
Fullerton, California, USA
Sanford, Florida, USA
Topanga, California, USA
Greenville, South Carolina, USA
Edina, Minnesota, USA
Santa Clara, California, USA
Tax Principal - President
Chattanooga, Tennessee, USA
Stellenbosch, South Africa
Exchange Control & Master Tax Practitioner (SA)
Boston, Massachusetts, USA
Tax Partner, International Tax
Toronto Mississauga Oakville Burlington Hamilton, Canada
Phoenix, Arizona, USA