IRS Issues New Guidance on Automatic Accounting Method Changes

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Via the Journal of Accountancy

The IRS has released Revenue Procedure 2009-39 which provides clarification and modifications to Revenue Procedure 2008-52 and 97-27.  These IRS releases provide guidance to taxpayers on qualifications to change tax accounting methods without the advance approval of the IRS commissioner.  They provide a list of permitted methods, and the procedures for actually making the changes.

The Journal of Accountancy article linked above provides a good detailed explanation of the topic, and the Revenue Procedure can be found here.

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