The IRS has released a revision of a revenue procedure that provides simplified procedures for an insurance company to obtain automatic consent for certain changes in methods of accounting. The only significant change in the revised version of the revenue procedure is that its scope, which was limited in the original revenue procedure to calendar year corporations, has been expanded to cover both calendar year and fiscal year corporations.

Revised revenue procedure.  The revised revenue procedure now applies to both fiscal and calendar year taxpayers with a tax year beginning after December 31, 2017, and ending before June 17, 2019. (Section 3.01 and 3.02 of Rev Proc 2019-30) The revenue procedure does not change any other conditions that a taxpayer might have to satisfy.

For more information on this update, contact Greg Denning at gdenning@larsco.com.

Source:  Checkpoint Newsstand 8/1/19