Rev. Proc. 2016-29: New Procedures for Automatic Accounting Method Changes

05/11/2016

The IRS recently released Rev. Proc. 2016-29, which lists automatic method changes and provides procedures for making them. Form 3115’s filed on or after May 5, 2016 must follow the updated rules. Background. Taxpayers make accounting method changes for numerous reasons, such as claiming missed depreciation from a Cost Segregation study, reclassifying capital expenditures as … Read More