The IRS issued a revenue procedure (Rev. Proc. 2014-16) on Jan. 24 that provides taxpayers with rules for filing method changes under certain provisions of the final "repair regulations."
The revenue procedure updates the comprehensive list of automatic method changes in Rev. Proc. 2011-14 by deleting several method changes and adding several new method changes. It also consolidates changes under sections of the final regulations, thereby creating fewer designated number changes, and allows for combining multiple method changes on one Form 3115.
For details, read Tax Flash 2014-01.
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