August 12, 2021 BREAKING TAX NEWS | IRS releases method change procedures implementing final regulations on income recognition Today, August 12, 2021, Treasury and IRS released Revenue Procedure 2021-34, which provides procedural guidance on final regulations under IRC Section 451 (the final regulations, which were published in the January 6, 2021 Internal Revenue Bulletin). The revenue procedure is generally effective for Forms 3115 filed on or after August 12, 2021. Revenue Procedure 2021-34 modifies the list of automatic method changes contained in Revenue Procedure 2019-43 by adding new automatic method changes and modifying some existing automatic method changes. Specifically, the revenue procedure:
A more detailed Tax Alert on Revenue Procedure 2021-34 is forthcoming, and an invitation to an upcoming webcast on Wednesday, September 1, 2021 will be sent soon. | ||||