JD Supra

IRS appears to walk back disregard of certain accounting method changes in proposed section 965 regulations–does it make a difference?

On August 1, 2018, the Department of Treasury and the Internal Revenue Service (IRS) issued proposed regulations implementing section 965 of the Internal Revenue Code (Code) (referred to as the ...
JD Supra

Government updates procedures to change R&D, income recognition, and inventory methods in new Rev. Proc. 2024-23

On April 30, 2024, the Internal Revenue Service (IRS) released Rev. Proc. 2024-23, List of Automatic Changes, which provides the list of tax accounting method changes a taxpayer may file under the IRS ...
JournalofAccountancy

MACRS Reclassification Not Change in Accounting Method

IRC section 446(e) requires that a taxpayer secure IRS consent to change its method of accounting. Treasury regulations section 1.446-1(e)(2)(i) specifies that a taxpayer do this before computing its ...
Think Advisor

9043 / Are there any circumstances that allow a small business taxpayer to change its accounting method without IRS approval?

Yes. The IRS has released guidance providing that small business taxpayers (see below) may make certain tangible property changes in methods of accounting in order to take into account only amounts ...
Accounting Today

AICPA Recommends Procedures for Accounting Method Changes

The American Institute of CPAs has recommended to the IRS that taxpayers making an accounting method change for mischaracterized research and experimental expenditures under Code Section 174 should ...