IRS Outlines Procedures For Accounting Method Changes

Law360, New York (January 24, 2014, 6:02 PM EST) -- The Internal Revenue Service on Friday clarified the procedures businesses must use to receive automatic consent from the IRS commissioner for certain changes in accounting methods for amounts paid to acquire, produce or improve tangible property.

In Revenue Procedure 2014-16, the IRS supplemented a set of final regulations for tangible property, T.D. 9636, released in September, which required approval from the IRS before a business could change its accounting method.

T.D. 9636 included rules for materials and supplies, repairs and maintenance, capital expenditures, and acquisition and...
To view the full article, register now.