IRS Updates List of Automatic Accounting Method Changes
The IRS recently issued Rev. Proc. 2022-14, updating the list of accounting method changes that are available automatically. The guidance also details the procedures, including the terms and conditions, for each change.
Rev. Proc. 2022-14 updates the list of method changes to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently modified, apply. Rev. Proc. 2015-13 had updated and revised procedures under Sec. 446(e) to obtain consent from the IRS to change an accounting method.
The method changes in Rev. Proc. 2022-14 are listed in 32 sections in Code section order. Each method change is provided a designated automatic accounting method change number for completing Form 3115. Contact information of one or more designated IRS employees is also provided. The revenue procedure lists 22 significant modifications to the list of automatic changes in Rev. Proc. 2019-43, as well as removes or revises obsolete language.
Rev. Proc. 2022-14 is generally effective for Forms 3115 filed on or after Jan. 31, 2022, for a year of change ending on or after May 31, 2021, that is filed under the automatic procedures of Rev. Proc. 2015-13, as modified.