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IRS Revises Transition Rule in Accounting Method Change Procedures

FEB. 2, 2015

IRS Revises Transition Rule in Accounting Method Change Procedures

DATED FEB. 2, 2015
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Explanation of Revision:

 

February 2, 2015

 

 

Today the IRS published Rev. Proc. 2015-13, 2015-5 I.R.B. 419, in the Internal Revenue Bulletin. Revenue Procedure 2015-13 provides the general procedures under which taxpayers obtain the consent of the Commissioner to change a method of accounting. This revenue procedure modifies and consolidates procedures previously contained in Rev. Proc. 2011-14 (for automatic accounting method changes) and Rev. Proc. 97-27 (for non-automatic accounting method changes).

The IRS previously released Rev. Proc. 2015-13 on January 16, 2015. The version published today revises a transition rule in the effective date section (Section 15) of the revenue procedure. This revision modifies section 15.02(1) to permit taxpayers to choose whether to use Rev. Proc. 2015-13 or whether to use Rev. Proc. 2011-14 for automatic accounting method changes for their 2014 tax returns.

This revision recognizes that some taxpayers may already have prepared a Form 3115, Application for Change in Accounting Method, for their 2014 taxable year with the expectation of using the procedures in Rev. Proc. 2011-14. Under this revised revenue procedure, these taxpayers may file these Forms 3115 under the procedures in Rev. Proc. 2011-14, rather than under the procedures in Rev. Proc. 2015-13.

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