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The American Institute of CPAs has sent a letter to the Internal Revenue Service with three recommendations on the accounting method change procedures for business taxpayers.
A 2015 IRS revenue procedure – Rev. Proc., 2015-13; Changes in Methods of Accounting – details the procedures for taxpayers to obtain automatic changes in method of accounting and get the IRS’s consent for an accounting method change.
In its letter, the AICPA urged the IRS to make some modifications to those procedures, including revising the three-month window period to refer to the two months before and one month after the extended due date of the taxpayer’s return so it can be more consistent with the intent of the three-month window.
Read the Accounting Today story HERE.