Rev. Proc. 2023-24 Unveiled: Key method change updates

by | Jun 27, 2023

ARTICLE | June 27, 2023

The Internal Revenue Service (IRS) has released its yearly update to the revenue procedure controlling the implementation of accounting method changes, which may impact many taxpayers. The updated revenue procedure, Rev. Proc. 2023-24, includes changes related to depreciation, research and development expenses, and mark-to-market elections and revocations. While most existing changes are not significantly modified, taxpayers will need to carefully navigate these revised procedures, paying close attention to ensure compliance and to effectively manage their tax obligations. The new guidance applies to tax years ending on or after October 31, 2022, and is generally effective for method changes filed on or after June 15, 2023. To learn more about the IRS’ updated list of automatic accounting method changes, click the link below.

Read the full article here…

Questions or Want to Talk?

Call us directly at 972.221.2500 (Flower Mound) or 940.591.9300 (Denton),
or complete the form below and we’ll contact you to discuss your specific situation.

  • Should be Empty:
  • Topic Name:

Bakes Takes Volume 1, Issue 9

Dec 3, 2024

This month’s Bake’s Takes explores the science of persuasion, the art of selfless networking, and the journey to relishing networking. Learn how to use principles of persuasion, build an effective network, and find a higher purpose in your networking endeavors. This curated list of reads presents an invaluable opportunity for leaders aiming to refine their strategic approach and drive impactful results.

Bakes Takes Volume 1, Issue 8

Nov 5, 2024

This month’s Bake’s Takes presents three powerful reads that discuss overcoming anxiety in high achievers, traits of effective teams, and reasons why leadership teams fail. It provides actionable advice on how to avoid mental traps, foster healthy collaboration, and elevate mediocre teams to high performing ones. Dive in to gain a fresh perspective on leadership challenges and strategies.

Attestation Services: An Introductory Guide

Nov 4, 2024

In today’s business world, trust and transparency are non-negotiable. Discover how attestation services can enhance your company’s credibility by providing independent verification of your financial information. Read our essential guide to learn how these services can drive business success and foster stakeholder confidence.

What do You Want… Really?

Oct 22, 2024

How you plan for retirement today can significantly affect your future. This article explores the implications of current decisions on future outcomes, and how the KHA team can help align your actions with your aspirations. Let’s start shaping your future today.

Will your Business Last Beyond You?

Oct 8, 2024

Ensuring business longevity involves intentional succession planning. Explore how KHA’s Dynamic Business Advisory program helps you identify strategic gaps and build a lasting legacy. Are you ready to think generationally?

Bake’s Takes Volume 1, Issue 7

Oct 1, 2024

Dive into the world of strategic consulting with Jonny Baker’s “Bake’s Takes”, featuring a careful selection of insightful reads from the fields of team dynamics, conflict resolution, and decision-making. This edition explores the true meaning of teamwork, the importance of healthy conflict in management, and introduces the innovative “RAPID” decision-making method. A rich resource for leaders seeking to create vision, alignment, and execution.

Are you a CEO or a Firefighter?

Sep 24, 2024

Are you a business owner stuck in the firefighting mode, rushing from one crisis to another? Discover how KHA Strategic Consultants can help you transition from a reactive approach to proactive strategic planning.

Can You Attract Top Talent?

Sep 10, 2024

In the battle for top talent, 75% of companies struggle to fill positions, giving the onus to firms to differentiate themselves. This article outlines four key attributes successful firms possess.

Bakes Takes Volume 1, Issue 6

Sep 3, 2024

Explore the top three reads recommended by KHA Consulting’s Jonny Baker in this month’s Bake’s Takes. From understanding how new CEOs establish trust, to leveraging your strengths for greater impact, and spotting talent in the modern era, these articles offer essential insights for today’s leaders. Don’t miss out on these refreshing perspectives designed to push your thinking and enhance your leadership effectiveness.