JournalofAccountancy

Automatic Procedures for Changing Accounting Methods Updated, Expanded

The IRS on Monday released updated procedures under which taxpayers can receive automatic consent to change their accounting methods (Revenue Procedure 2011-14). The revenue procedure updates prior ...
Accounting Today

AICPA Recommends Procedures for Accounting Method Changes

The American Institute of CPAs has recommended to the IRS that taxpayers making an accounting method change for mischaracterized research and experimental expenditures under Code Section 174 should ...
JD Supra

Government updates procedures to change R&D, income recognition, and inventory methods in new Rev. Proc. 2024-23

On April 30, 2024, the Internal Revenue Service (IRS) released Rev. Proc. 2024-23, List of Automatic Changes, which provides the list of tax accounting method changes a taxpayer may file under the IRS ...
Houston Chronicle

How to Develop a Protocol or Procedures

As a small business grows, especially as it takes on more employees and multiple shifts, it's important to create protocols and procedures that ensure businesses operate efficiently. Without protocols ...
JD Supra

Rev. Proc. 2021-26 provides accounting method change procedures for CFCs seeking to use the alternative depreciation system

Recently released Revenue Procedure 2021-26 (the Revenue Procedure) provides taxpayers with guidance regarding accounting method changes made on behalf of foreign corporations. The Revenue Procedure: ...