KPMG report: IRS removal of automatic accounting methods
Reviews revised automatic accounting method procedures and encourages taxpayers to revisit their timetables for implementation
Reviews revised automatic accounting method procedures
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.
* Reproduced with permission. Published June 3, 2024. Copyright 2024 Bloomberg Industry Group 800-372-1033.
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