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:

Why the Cost of Customer Acquisition Is So Important

For any business, understanding and effectively managing the cost of customer acquisition is crucial for success. In this video, we’ll explain what it is, how it’s calculated, and how it affects a business’s profitability, cash flow, and overall growth.

IRS releases guidance on Roth catch-up contributions under SECURE 2.0

The Internal Revenue Service (IRS) has recently released guidance on Roth catch-up contributions under SECURE 2.0 Act. This guidance, outlined in Notice 2023-62, provides important information for individuals who are age 50 or older and participating in a retirement plan that allows deferral contributions.

Estate Planning after a Business Sale

After selling a business, it is crucial to update your estate plan to align with your new financial situation. This article provides and overview of common strategies to consider.

Estate planning after the sale of a business interest

This article discusses estate planning and tax considerations after the sale of a business interest or other liquidity event, including common strategies to reduce estate tax and meet charitable giving goals.

Will You Need To Report Beneficial Ownership Information?

The Corporate Transparency Act will require most businesses to provide beneficial ownership information to the U.S. Department of Treasury to combat money laundering. Find out who needs to report, what information is required, and when the reports must be submitted.