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.

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