The Inner Income Service issued a brand new income process with steering on how sure companies can get hold of computerized consent to a change in accounting strategies.
Income Process  2022-9 modifies Rev. Proc. 2019-43, 2019-48 I.R.B. 1107 to put out the brand new procedures below Sec. 446 of the Tax Code and Sec. 1.446-1(e) of the Earnings Tax Rules to acquire computerized consent to vary strategies of accounting to adjust to the ultimate rules below Secs. 263A, 448, 460 and 471 of the code issued on Jan. 5, 2021. It additionally modifies Rev. Proc. 2018-40, 2018-34 I.R.B. 320, to take away the choice of netting the remaining portion of a Sec. 481(a) adjustment that resulted from a previous technique change.
The income process additionally particulars the procedures for revoking an accounting technique change election made for taxable years beginning on or after Jan. 5, 2021.
The regs implement a provision of the Tax Cuts and Jobs Act geared toward relieving smaller companies from some reporting complexity by elevating the eligibility threshold for utilizing the money technique to $25 million