The Internal Revenue Service has issued two revenue procedures on changes in accounting methods. Rev. Proc. 2015-13, consolidates and updates the procedures for making automatic and non-automatic accounting method changes under tax code Section 446(e) and Treasury Regulations Section 1.446-1(e). The second, Rev. Proc. 2015-14, provides an updated, consolidated list of the types of changes in methods of accounting for which taxpayers can get automatic consent.
The IRS said Rev. Proc. 2015-13 updates and revises general procedures to obtain the IRS commissioner's consent to change a method of accounting for federal income tax purposes. If taxpayers must get this permission in advance, it is non-automatic. The guidance also offers procedures to get the commissioner's automatic consent to change an accounting method.
Under the list of automatic changes in Rev. Proc. 2015-14, the IRS addressed a number of areas including gross income under Section 61, commodity credit loans under Section 77 and trade or business expenses under Section 162 In the area of trade or business expenses, the list included accounting for:
- ?advances made by a lawyer on behalf of a client,
- ?materials and supplies,
- ?repair and maintenance costs, and
- ?wireline network asset maintenance allowances.
The revenue procedures are scheduled to be published Feb. 2 in Internal Revenue Bulletin 2015-5. A copy of Rev. Proc. 2015-13 is available here. A copy of Rev. Proc. 2015-14 is available here.
The Internal Revenue Service has issued two revenue procedures on changes in accounting methods. Rev. Proc. 2015-13, consolidates and updates the procedures for making automatic and non-automatic accounting method changes under tax code Section 446(e) and Treasury Regulations Section 1.446-1(e). The second, Rev. Proc. 2015-14, provides an updated, consolidated list of the types of changes in methods of accounting for which taxpayers can get automatic consent.
The IRS said Rev. Proc. 2015-13 updates and revises general procedures to obtain the IRS commissioner's consent to change a method of accounting for federal income tax purposes. If taxpayers must get this permission in advance, it is non-automatic. The guidance also offers procedures to get the commissioner's automatic consent to change an accounting method.
Under the list of automatic changes in Rev. Proc. 2015-14, the IRS addressed a number of areas including gross income under Section 61, commodity credit loans under Section 77 and trade or business expenses under Section 162 In the area of trade or business expenses, the list included accounting for:
·?advances made by a lawyer on behalf of a client,
·?materials and supplies,
·?repair and maintenance costs, and
·?wireline network asset maintenance allowances.
The revenue procedures are scheduled to be published Feb. 2 in Internal Revenue Bulletin 2015-5. A copy of Rev. Proc. 2015-13 is available here. A copy of Rev. Proc. 2015-14 is available here.
The Internal Revenue Service has issued two revenue procedures on changes in accounting methods. Rev. Proc. 2015-13, consolidates and updates the procedures for making automatic and non-automatic accounting method changes under tax code Section 446(e) and Treasury Regulations Section 1.446-1(e). The second, Rev. Proc. 2015-14, provides an updated, consolidated list of the types of changes in methods of accounting for which taxpayers can get automatic consent.
The IRS said Rev. Proc. 2015-13 updates and revises general procedures to obtain the IRS commissioner's consent to change a method of accounting for federal income tax purposes. If taxpayers must get this permission in advance, it is non-automatic. The guidance also offers procedures to get the commissioner's automatic consent to change an accounting method.
Under the list of automatic changes in Rev. Proc. 2015-14, the IRS addressed a number of areas including gross income under Section 61, commodity credit loans under Section 77 and trade or business expenses under Section 162 In the area of trade or business expenses, the list included accounting for:
·?advances made by a lawyer on behalf of a client,
·?materials and supplies,
·?repair and maintenance costs, and
·?wireline network asset maintenance allowances.
The revenue procedures are scheduled to be published Feb. 2 in Internal Revenue Bulletin 2015-5. A copy of Rev. Proc. 2015-13 is available here. A copy of Rev. Proc. 2015-14 is available here.
The Internal Revenue Service has issued two revenue procedures on changes in accounting methods. Rev. Proc. 2015-13, consolidates and updates the procedures for making automatic and non-automatic accounting method changes under tax code Section 446(e) and Treasury Regulations Section 1.446-1(e). The second, Rev. Proc. 2015-14, provides an updated, consolidated list of the types of changes in methods of accounting for which taxpayers can get automatic consent.
The IRS said Rev. Proc. 2015-13 updates and revises general procedures to obtain the IRS commissioner's consent to change a method of accounting for federal income tax purposes. If taxpayers must get this permission in advance, it is non-automatic. The guidance also offers procedures to get the commissioner's automatic consent to change an accounting method.
Under the list of automatic changes in Rev. Proc. 2015-14, the IRS addressed a number of areas including gross income under Section 61, commodity credit loans under Section 77 and trade or business expenses under Section 162 In the area of trade or business expenses, the list included accounting for:
·?advances made by a lawyer on behalf of a client,
·?materials and supplies,
·?repair and maintenance costs, and
·?wireline network asset maintenance allowances.
The revenue procedures are scheduled to be published Feb. 2 in Internal Revenue Bulletin 2015-5. A copy of Rev. Proc. 2015-13 is available here. A copy of Rev. Proc. 2015-14 is available here.
The Internal Revenue Service has issued two revenue procedures on changes in accounting methods. Rev. Proc. 2015-13, consolidates and updates the procedures for making automatic and non-automatic accounting method changes under tax code Section 446(e) and Treasury Regulations Section 1.446-1(e). The second, Rev. Proc. 2015-14, provides an updated, consolidated list of the types of changes in methods of accounting for which taxpayers can get automatic consent.
The IRS said Rev. Proc. 2015-13 updates and revises general procedures to obtain the IRS commissioner's consent to change a method of accounting for federal income tax purposes. If taxpayers must get this permission in advance, it is non-automatic. The guidance also offers procedures to get the commissioner's automatic consent to change an accounting method.
Under the list of automatic changes in Rev. Proc. 2015-14, the IRS addressed a number of areas including gross income under Section 61, commodity credit loans under Section 77 and trade or business expenses under Section 162 In the area of trade or business expenses, the list included accounting for:
·?advances made by a lawyer on behalf of a client,
·?materials and supplies,
·?repair and maintenance costs, and
·?wireline network asset maintenance allowances.
The revenue procedures are scheduled to be published Feb. 2 in Internal Revenue Bulletin 2015-5. A copy of Rev. Proc. 2015-13 is available here. A copy of Rev. Proc. 2015-14 is available here.
