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Internal Revenue Service Updates Accounting Method Change Procedures


News provided by

Ryan

Jan 20, 2015, 10:41 ET

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DALLAS, Jan. 20, 2015 /PRNewswire/ -- On January 16, 2015, the Internal Revenue Service (IRS) issued two new revenue procedures that outline the rules by which taxpayers may obtain non-automatic consent and automatic consent to change certain methods of accounting for federal income tax purposes. Revenue Procedure 2015-13 provides the procedures for non-automatic consent and supersedes Rev. Proc. 97-27. Revenue Procedure 2015-14 provides procedures for an automatic consent to change a method of accounting, listing many automatic changes to which the automatic change procedures in Revenue Procedure 2015-14 will apply.

Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the sixth largest corporate tax practice in the United States.
Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the sixth largest corporate tax practice in the United States.

Under Revenue Procedures 2015-14, taxpayers will be given automatic approval from the IRS to change their method of accounting under Internal Revenue Code Section 446(e) for changes listed in the Revenue Procedure 2015-14. Instead of amending a tax return, the taxpayer simply attaches Form 3115 (Application for Change in Accounting Method) to the timely filed federal tax return for the year in which the change is applicable, as well as a copy with the IRS national office. The cumulative negative effect (taxpayer favorable) of the change in the taxpayer's method of accounting is reported as a Section 481(a) adjustment, which can be deducted immediately in the taxable year of accounting method change, while a positive adjustment (taxpayer unfavorable) can be amortized over four consecutive years (beginning with the first year in which the change was applicable). Special attention should be paid for the timing to file the Form 3115 for taxpayers under IRS exam. If the method change is not listed in Revenue Procedure 2015-14, the guidance in Revenue Procedure 2015-13 should be followed, which provides procedures to request permission to make a method change.

Included within these automatic method changes in Revenue Procedure 2015-14 is a change from an impermissible method of depreciation under which the taxpayer did not claim the depreciation allowable, to a permissible method of accounting for depreciation under which the taxpayer will claim the depreciation allowable (i.e., the retroactive cost segregation study) and expensing versus capitalization (i.e., repairs study). Accordingly, the modifications to Revenue Procedures 2015-13 and 2015-14 will supersede the Revenue Procedure 2011-14 for the most part, and the new rules apply to Forms 3115 filed on or after January 16, 2015 for a year of change ending on or after May 31, 2014.

About Ryan
Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the sixth largest corporate tax practice in the United States. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a three-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 1,900 professionals and associates serves over 9,000 clients in more than 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at www.ryan.com.

Logo - http://photos.prnewswire.com/prnh/20140716/127737

TECHNICAL INFORMATION CONTACTS:

John M. Belpedio
Director
Ryan
914.220.4013
[email protected]

Daniel Hurtado
Director
Ryan
972.934.0022
[email protected]

SOURCE Ryan

Related Links

http://www.ryan.com

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