Accounting Methods Spotlight Q2 2023

This quarter’s Accounting Methods Spotlight newsletter features:

• Rev. Proc. 2023-24 updates the list of automatic accounting method changes
• IRS provides some answers on Section 174
• PLR applies percentage of completion method to account for reimbursements
• No 9100 relief granted for late Rev. Proc. 2011-29 election
• IRS updates Notice 2023-29 on energy community bonus credit
• Other guidance issued on Inflation Reduction Act and CHIPS Act provisions
• IRS concedes immediate deduction for software on appeal
• 3rd quarter update to Treasury/IRS 2022-2023 priority guidance plan issued
• LB&I identifies active ‘campaigns’
• New practice units on interest expense deduction limitations released