The IRS has proposed a new rule that would remove the automatic consent requirement for certain accounting method changes. This would allow taxpayers to make these changes without having to file a Form 3115. The proposed rule aims to simplify the process for taxpayers and reduce the burden on the IRS. However, taxpayers would still need to follow the proper procedures and meet the eligibility requirements for making these changes.
The IRS’s April revision to its automatic accounting method procedures means taxpayers now must obtain IRS consent in a formal letter ruling to change part of their tax treatment. Read TaxNewsFlash
This update may cause disappointment and frustration, because taxpayers generally favor automatic procedures due to their lack of a user fee, deemed consent from the IRS, and less restrictive timeline for filing changes.
Read a June 2024 report* prepared by KPMG LLP that reviews the revised automatic accounting method procedures and encourages taxpayers to revisit their timetables for implementation of certain accounting method changes.
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