IRS issues accounting method change procedures for dispositions of tangible depreciable property

February 2014

Overview

The IRS today released Rev. Proc. 2014-17, which provides rules pursuant to which taxpayers may make accounting method changes related to dispositions of tangible depreciable property under the proposed regulations issued on September 13, 2013 (REG-110732-13, 2013-43 IRB 404, 78 Fed. Reg. 57547) (the 2013 proposed regulations). This revenue procedure modifies/supersedes Rev. Proc. 2012-20, which was issued over a year ago regarding certain changes in method of accounting for dispositions of tangible depreciable property under the temporary regulations (T.D. 9564, 2012-14 IRB 614, 76 Fed. Reg. 81060) (the temporary disposition regulations). 

Rev. Proc. 2014-17 also modifies certain sections of Rev. Proc. 2011-14, which provides the procedures for automatic changes in method of accounting. Rev. Proc. 2014-17 is designed to help taxpayers further analyze their current methods of accounting and implement any needed changes.

Contact us

Julie O’Brien
US HRS Marketing
Tel: +1 (617) 530 5883
Email

Contact us

Roy Weathers
Tax Leader
Email

Scott Olsen
US People and Organization Co-leader
Tel: +1 (646) 471 0651
Email

Shawn Panson
Private Company Services, Leader
Tel: +1 (973) 236 5677
Email

Kelley McLaughlin
US Tax Marketing Leader
Tel: +1 (213) 356 6701
Email

Laurie Kelly
Marketing Leader, Private Company Services
Tel: +1 (617) 530 4531
Email

Follow us