IRS Releases Revenue Procedure Limiting Changes to Annual Accounting Periods

The IRS has restricted the ability of taxpayers to make certain changes in accounting periods, through the issuance of Revenue Procedure 2018-17. The revenue procedure modifies Revenue Procedure 2002-39 and Revenue Procedure 2006-45, which deal with approval for changes to annual accounting periods. The modification generally denies automatic approval for changes to tax years of specified foreign corporations that otherwise would have a tax year corresponding to calendar year 2017, in order to address issues related to section 965 (the transition tax on deferred foreign earnings).

Read the revenue procedure: Revenue Procedure 2018-17

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