By Ellen McElroy and Michael Resnick (June 19, 2018, 6:14 PM EDT) -- In light of tax reform and the reduced corporate tax rate, companies should review their current accounting method practice concurrently with the list of automatic accounting method changes to ensure they are fully utilizing all taxpayer-favorable benefits and receiving the permanent benefit of the rate differential between the 2017 and 2018 tax years. As a reminder, automatic accounting method changes may be filed with a company's federal income tax return. Any such accounting method change is considered effective as of the first day of the year of change. As a result of the tax law changes included in the Tax Cuts and Jobs Act,[1] automatic accounting method changes are especially valuable in 2017. The rate cut included in the TCJA enables companies to make an accounting method change and secure a permanent benefit when such a change would ordinarily provide only a temporary benefit. ...