IRS Rev. Proc.: AICPA Comments on Needed Changes to Accounting Method Change Procedures Benefits (IRC §446)

AICPA July 26 released comments with respect to the accounting method change procedures set forth in Rev. Proc. 2015-13 that need to be updated in light of the TCJA and other recent guidance. AICPA notes the need to remove references to the partnership technical termination rule, updates to reflect the new centralized partnership audit regime rules, updates to the eligible acquisition transaction election, clarification on the scope of the prior change within five years eligibility rule, and modifications to the audit protection rules for foreign corporations. [AICPA Comment Letter Re: Revenue Procedure 2015-13, Changes in Methods of Accounting (July 21, ...