KPMG report: Updated list of automatic changes (Rev. Proc. 2022-14) (March 17, 2022)

KPMG has made available for download their article, “Updated list of automatic changes (Rev. Proc. 2022-14)”, which discusses the mass consent procedure. The abstract is as follows:

Rev. Proc. 2022-14 (released January 31, 2022, and published in the Internal Revenue Bulletin 2022-7 on February 14, 2022) updates and replaces Rev. Proc. 2019-43, which was the previous list of accounting method changes for which the automatic change procedures of Rev. Proc. 2015-13 apply (the “mass consent procedure”).

Rev. Proc. 2022-14 [PDF 1.7 MB] (457 pages) is effective for Form 3115, Application for Change in Accounting Method, filed on or after January 31, 2022, for a year-of-change ending on or after May 30, 2021.

Rev. Proc. 2022-14—in addition to compiling automatic accounting method changes released since the issuance of Rev. Proc. 2019-43 into one document—includes significant revisions to previously published guidance on automatic accounting method changes taxpayers need to be aware of.

To see the full article, click: “Updated list of automatic changes (Rev. Proc. 2022-14)”

Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.

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