The IRS has updated the procedures for obtaining automatic consent to change accounting methods for research or experimental expenditures incurred after Dec. 31, 2021.
According to Revenue Procedure 2024-34, issued August 29, the eligibility rules from Rev. Proc. 2015-13 now include accounting method changes for tax years beginning in 2022 or 2023.
Taxpayers can now make changes under Rev. Proc. 2024-23 without having to file for other tax years.
However, for changes made in these years, audit protection is limited if the taxpayer did not make a change for expenditures in their first tax year beginning after Dec. 31, 2021. Learn more.