TaxConnections

Ask Tax Question

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

Accounting Method Change Administrative Authority Accounting Methods & Periods
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
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
Leave a Comment 98 weeks ago



Meet Leading Tax Advisors

User Photo Kathryn Morgan

Bossier City, Louisiana, USA

Enrolled Agent, Master Tax Advisor

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director

User Photo Steven Potts JD EA IAR

Fullerton, California, USA

Principal

User Photo Devon McCarthy FCCA, EA

Sanford, Florida, USA

President

User Photo Caran Ebert, CPA

Topanga, California, USA

Tax Advisor

User Photo Lisa Nason CPA, MST

Greenville, South Carolina, USA

Managing Shareholder

User Photo Gary Carter, PhD, MT, CPA

Edina, Minnesota, USA

President

User Photo NEERAJ BHATIA, CPA

Santa Clara, California, USA

Tax Principal - President

User Photo Bill Robinson, CPA

Chattanooga, Tennessee, USA

Owner

User Photo Hugo Van Zyl

Stellenbosch, South Africa

Exchange Control & Master Tax Practitioner (SA)

User Photo Douglas Stransky

Boston, Massachusetts, USA

Tax Partner, International Tax

User Photo Larry Stolberg, CPA, CA

Toronto Mississauga Oakville Burlington Hamilton, Canada

Tax Specialist

User Photo Dr. Daniel Erasmus

West Palm Beach, Florida, USA

Managing Partner/EMEA

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Contact Us Today