The IRS today released Rev. Proc. 2014-16, which provides rules pursuant to which taxpayers may make accounting method changes related to the tangible property ‘repair’ regulations. This revenue procedure supersedes Rev. Proc. 2012-19, which was issued over a year ago in connection with the temporary repair regulations and modifies certain sections of Rev. Proc. 2011-14. Rev. Proc. 2014-16 is designed to help taxpayers further analyze their current methods of accounting and implement any necessary changes.