Effective for changes in annual accounting periods of in-scope applicable entities for which first effective year begins on or after January 1, 2024
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.
Ruth Madrigal | ruthmadrigal@kpmg.com
Preston Quesenberry | pquesenberry@kpmg.com