Rev. Proc. 2024-30: Procedures for obtaining automatic consent to change methods of accounting to the Allowance Charge-off Method

Type
:
Obligation
Tax Area
:
Corporate Income Tax
Status
:
Guidance
Qualification
:
Various
Implemented date
:
NA
Country
:
US
Date added
1 Jul
,
2024
Docxster’s Summary

The IRS has issued Revenue Procedure 2024-30, which provides guidance on the methods of accounting for revenue recognition for taxpayers that are not subject to the new revenue recognition standard. The revenue procedure also provides guidance on the treatment of certain costs related to revenue recognition. Taxpayers should review the guidance carefully to ensure compliance with the new rules.

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Source :
KPMG
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