New procedures for changing accounting periods

The IRS recently issued Rev. Procs. 2002-37, 2002-38 and 2002-39, which provide new procedures for C corporations, S corporations and other entities to change accounting periods. These procedures will allow a greater number of taxpayers to receive automatic approval to change accounting period. Taxp...

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Bibliographic Details
Published in:The Tax Adviser 2002-08, Vol.33 (8), p.488
Main Author: Bakale, Anthony
Format: Magazinearticle
Language:English
Subjects:
Accounting and auditing
Accounting changes
Accounting periods
C corporations
Calendars
Capital losses
Consolidated financial statements
Controlled foreign corporations
Corporate income taxes
Income taxes
Ownership changes
Passive foreign investment companies
Personal holding companies
Personal service corporations
Rev. Proc. 2002-37
Rev. Proc. 2002-38
Rev. Proc. 2002-39
Revenue procedures & rulings
Tax elections
Taxpayers
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Summary:The IRS recently issued Rev. Procs. 2002-37, 2002-38 and 2002-39, which provide new procedures for C corporations, S corporations and other entities to change accounting periods. These procedures will allow a greater number of taxpayers to receive automatic approval to change accounting period. Taxpayers not eligible for automatic approval may also benefit from a more flexible business-purpose test. With the release of these new procedures, which significantly reduce the requirements that taxpayers must meet to change an annual accounting period, tax advisers should once again look at each client's particular situation to determine if a change in year would be appropriate.
ISSN:0039-9957