IRS New Administrative Guidance

Posted by Jeffrey Feingold on 01.18.15

On Friday, January 16th of 2015, the Internal Revenue Service issued new administrative guidance in connection to accounting method changes.

Revenue Procedure 2015-13 updates and revises the general procedures under I.R.C. § 446(e) and Treas. Reg. § 1.446-1(e) of the Income Tax Regulations to obtain the consent of the Commissioner of Internal Revenue (hereinafter “Commissioner”) to change a method of accounting for federal income tax purposes. More specifically, this revenue procedure provides the general procedures to obtain the advance (non-automatic) consent of the Commissioner to change a method of accounting and provides the procedures to obtain the automatic consent of the Commissioner to change a method of accounting described in Rev. Proc. 2015-14, 2015-5 I.R.B., (or successor) (List of Automatic Changes).

Revenue Procedure 2015-14 provides the List of Automatic Changes to which the automatic change procedures in Rev. Proc. 2015-13, 2015-5 I.R.B., (or successor) apply. The definitions in section 3 of Rev. Proc. 2015-13 apply to this revenue procedure.

It should be duly noted that both Revenue Procedures are scheduled to be published within the Internal Revenue Bulletin 2015-5, dated February 2nd of 2015.


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