IRS Revises Transition Rule in Accounting Method Change Procedures
IRS Revises Transition Rule in Accounting Method Change Procedures
- Institutional AuthorsInternal Revenue Service
- Cross-Reference
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2015-2565
- Tax Analysts Electronic Citation2015 TNT 22-31
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.
- Institutional AuthorsInternal Revenue Service
- Cross-Reference
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2015-2565
- Tax Analysts Electronic Citation2015 TNT 22-31