Rev. Proc. 2022-9: Automatic consent to change methods of accounting (text of guidance)
Procedures under section 446 regarding an automatic consent to change methods of accounting to comply with final regulations
Automatic consent to change methods of accounting (text of guidance)
The IRS today released an advance version of Rev. Proc. 2022-9 providing procedures under section 446 regarding an automatic consent to change methods of accounting to comply with final regulations that were published in January 2021.
Rev. Proc. 2022-9 [PDF 316 KB] (70 pages) modifies Rev. Proc. 2019-43 (as modified by Rev. Proc. 2021-34) and also modifies Rev. Proc. 2018-40 to remove the option of netting the remaining portion of a section 481(a) adjustment that resulted from a prior method change.
Lastly, Rev. Proc. 2022-9 provides procedures for taxpayers to revoke an election made under Prop. Reg. section 1.448-2(b)(2)(i)(B) for tax years beginning on or after January 5, 2021, or in the case of taxpayer that early applies the final regulations, for tax years in which the final regulations are applicable.
The purpose of this report is to provide text of the 70-page revenue procedure.
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