Welcome to this edition of IRS Bulletin Notes, your source for concise and clear summaries of the latest IRS updates. We aim to save you time and keep you informed about crucial tax changes. Let's explore IRS Bulletin No. 2024-23 and outline the essential updates for tax professionals.
HIGHLIGHTS OF INTERNAL REVENUE BULLETIN 2024-23 – June 3,2024
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The Internal Revenue Bulletin (IRB) is the authoritative instrument for announcing official rulings and procedures of the IRS and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest.
INCOME TAX
Rev. Proc. 2024-23, IRB page 1334.
Revenue Procedure 2024-23 updates the List of Automatic Procedures as established in Treasury and IRS guidance for taxpayer-initiated requests for changes in methods of accounting. An “automatic change” is a change in method of accounting for which the taxpayer is eligible under sec-tion 5.01(1) of Revenue Procedure 2015-13 for request-ing the Commissioner’s consent for the requested year of change.