The IRS issued Rev. Proc. 2014-17 on Feb. 28, which provides taxpayers with rules for filing method changes for dispositions of tangible depreciable property. The revenue procedure is the companion to the recently issued Rev. Proc. 2014-16, which addressed filing method changes under certain provisions of the final "repair regulations."

Read more on Rev. Proc. 2014-17 and Rev. Proc. 2014-16.

Grant Thornton will also host a webcast on these developments on March 20, from 3 to 4 p.m. ET.

Presenters will be Grant Thornton practitioners and a representative from the Treasury Department.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.