Rev. Proc. 2025-6: Procedures for certain applicable entities that made elective payment election on Form 990-T to change annual accounting period

Effective for changes in annual accounting periods of in-scope applicable entities for which first effective year begins on or after January 1, 2024

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January 16, 2025

The IRS today released Rev. Proc. 2025-6 providing the exclusive procedures for certain applicable entities, as defined in section 6417(d)(1)(A) that are not required to file either a federal income tax return under section 6011 or an annual information return under section 6033(a), but previously filed a Form 990-T, Exempt Organization Business Income Tax Return, solely to make an elective payment election under section 6417, to change their annual accounting period.

An in-scope applicable entity (as defined in section 3.02 of the revenue procedure) that complies with all the applicable provisions of the revenue procedure will have obtained the approval of the IRS Commissioner to change its annual accounting period.

Rev. Proc. 2025-6 is effective for changes in annual accounting periods of in-scope applicable entities for which the first effective year begins on or after January 1, 2024, and the period for filing the Form 990-T for such year has not yet expired.

For more information, contact your usual KPMG tax professional or one of the following Washington National Tax professionals:

Ruth Madrigal | ruthmadrigal@kpmg.com

Preston Quesenberry | pquesenberry@kpmg.com

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