IRS Clarifies Procedure For Changing Accounting Method

Law360, New York (February 28, 2014, 6:10 PM EST) -- The Internal Revenue Service on Friday issued guidance clarifying what steps a taxpayer must take to receive the agency's automatic consent to change an accounting method.

The IRS and U.S. Department of the Treasury have issued rules on the tax treatment of leasehold improvements, general asset accounts and property depreciation. On Friday, the IRS issued a 91-page revenue procedure explaining how taxpayers can seek automatic authorization while conforming to these new rules.

The information provided in the revenue procedure, generally, aligns with temporary rules governing accounting...
To view the full article, register now.