The US Internal Revenue Service (IRS) announced revising its automatic accounting method procedures In April, 2024. As per the new method, taxpayers must obtain formal IRS consent through a letter ruling to alter any aspect of their tax treatment.
The change has disappointed taxpayers who are in favour of the automatic accounting procedures because it didn’t require user fees, or needed any formal consent from the IRS.
Taxpayers also lauded the previous arrangement as it offers a more flexible timeline for filing changes.
