Ellen McElroy

Eversheds Sutherland (US) LLP

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Government cleans up List of Automatic Changes in Rev. Proc. 2023-24

On June 15, 2023, the IRS released Rev. Proc. 2023-24, List of Automatic Changes, which provides an update to the list of tax accounting method changes a taxpayer may file under the IRS’s automatic procedures....more

6/29/2023 / Accounting , Accounting Methods , Consent , Federal Taxes , Internal Revenue Code (IRC) , IRS , Revenue Procedures , Tax Cuts and Jobs Act , Tax Returns

IRS provides welcome flexibility and clarification in final small business tax accounting regulations

On Wednesday, December 23, Treasury and the IRS released final regulations under sections 263A, 448, 460, and 471 of the Internal Revenue Code (Code) to implement statutory changes made by the Tax Cuts and Jobs Act (the...more

12/30/2020 / Accounting , Accounting Standards , Final Rules , Gross Receipts , Internal Revenue Code (IRC) , Inventory , IRS , Small Business , Tax Cuts and Jobs Act

IRS releases Rev. Proc. 2019-37 enabling taxpayers to file automatic changes to comply with recently released income recognition...

On September 6, 2019, the Internal Revenue Service (Service) issued Rev. Proc. 2019-37, which grants advance consent to taxpayers seeking to change a method of accounting to comply with the new proposed regulations under...more

9/16/2019 / Accounting , Accounting Methods , Internal Revenue Code (IRC) , IRS , Revenue Procedures

IRS Provides Safe Harbor for Inadvertent Normalization Violations

On September 7, 2017, the IRS issued Revenue Procedure 2017-47, which provides a safe harbor for regulated public utilities for inadvertent or unintentional uses of a practice or procedure that is inconsistent with the...more

9/13/2017 / Accounting , Investment Tax Credits , IRS , Public Utility , Revenue Procedures , Safe Harbors

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