The IRS has updated its list of automatic accounting method changes subject to automatic consent procedures. Revenue Procedure 2019-43 modifies change procedures for 1) certain sale, lease, or financing transactions; 2) tenant construction allowances; 3) streamlined method changes for taxpayers without an applicable financial statement; and 4) a change in basis of computing reserves under the tax code. Also, obsolete material has been removed from the list. The guidance generally applies to a Form 3115 (“Application for Change in Accounting Method”) filed on or after Nov. 8, 2019, for a year of change ending on or after March 31, 2019. Visit our website or call for more information! www.mjscpa.com/news/
