The IRS today released an advance version of Rev. Proc. 2019-37 by which a taxpayer may obtain the automatic consent of the Commissioner of Internal Revenue to change a method of accounting to comply with section 451 and the proposed regulations under Prop. Reg. sections 1.451-3 and 1.451-8.
Rev. Proc. 2019-37 [PDF 87 KB] also provides procedures for certain qualifying taxpayers to make a method change to comply with the proposed regulations without filing a Form 3115, Application for Change in Accounting Method. Today’s revenue procedure modifies Rev. Proc. 2018-31.
The purpose of this report is to provide text of today’s revenue procedure. A more detailed discussion about the revenue procedure will be provided in a future report from KPMG.
Read KPMG’s report of initial impressions about the proposed regulations under section 451: TaxNewsFlash
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