December 17, 2021
IRS provides new procedures for obtaining automatic consent to change accounting methods to comply with final regulations
The IRS has modified (Revenue Procedure 2022-9) prior guidance to provide procedures to obtain automatic consent to change accounting methods to comply with final regulations under IRC Sections 263A, 448, 460 and 471 issued in January 2021 (T.D. 9942; see Tax Alert 2021-0053). The new ruling also: (1) removes the option of netting the remaining portion of an IRC Section 481(a) adjustment resulting from a prior method change; and (2) provides procedures to allow taxpayers to revoke an election made under Prop. Reg. Section 1.448-2(b)(2)(i)(B). A Tax Alert is forthcoming.